ML20195E312
| ML20195E312 | |
| Person / Time | |
|---|---|
| Site: | Crystal River  |
| Issue date: | 09/30/1998 |
| From: | Klinker T LEESBURG, FL |
| To: | |
| Shared Package | |
| ML20195E311 | List: |
| References | |
| NUDOCS 9906110048 | |
| Download: ML20195E312 (118) | |
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LEESBUR A Laleekont City Comprehensive Annual Financial Report City of Leesburg, Florida Fiscal Year Ended September 30,1998
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LEESBURG T12e LaleefrontCity :
Comprehensive Annual Financial Report City of Leesburg, Florida Fiscal Year Ended September 30,1998
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l' COMPREHENSIVE ANNUAL FINANCIAL REPOkT CITY OF LEESBURG, FLORIDA FISCAL YEAR ENDED SEPTEMBER 30,1998 l
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Prepared By:
Thomas P. Klinker, C.P.A.
City Clerk / Finance Director :
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INTRODUCTORY SECTION This section contains the following subsections:
+ Principal City Officials
.+ Table of Contents
+ Letter of Transmittal
+ Organizational Chart
+ Certificate of Achievement for Excellence in Financial Reporting
CITY OF LEESBURG, FLORIDA COhfPREIIENSIVE ANNUAL FINANCIAL REPORT FOR Tile FISCAL YEAR ENDED SEPTEh1BER 30,1998
(
AIAYOR David L. Connelly h!AYOR-PRO-TEh!
Ed Schlein COhihilSSION C. Robert Lovell Chris Floyd Chet Blackmon CITY A1ANAGER CITY CLERK / FINANCE DIRECTOR Anthony G. Otte Thomas P. Klinker, C.P.A.
CITY ATTORNEY CITY AUDITORS McLin, Burnsed, Morrison Purvis, Gray and Company Johnson, Newman & Roy, P.A.
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i CITY OF LEESBURG, FLORIDA COMPREIIENSIVE ANNUAL FINANCIAL REPORT FOR TIIE FISCAL YEAR ENDED SEPTEMBER 30,1998 Table of Contents Introductory Section Principal City Officials . . . . . . . . . . . . . . . . . . . . . . . . .... ................i Table of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ii-iv Letter of Transmittal . . . . . . . . . . . . . . ........................ . . 1-20 Organizational Chart ............ ............................ .. . 21 1 Certificate of Achievement ........... ...... ................ .. 22-23 Financial Section Independent Auditors' Report .............. .................... . 24-25 General-Purpose Financial Statements:
Combined Balance Sheet - All Fund Types and Account Groups . . . . . . . . . . . . . . 2 6-29 I Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types .
.....................30 Combined Statement of Revenues, Expenditures and Changes 1 in Fund Balances - Budget and Actual - All Governmental Fund Types . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 -32 g Combined Statement of Revenues, Expenses and Changes in g Retained Earnings - All Proprietary Fund Types . . . . . . . . . . . . . . . . . . . . . . . . 33 Combined Statement of Cash Flows - All Proprietary Fund Types . . . . . . . . . . . . . 3 4-3 5 Combining Statement of Additions, Deletions and Changes in Plan i Net Assets - Pension Trust Funds . . - . . . . . ....... ............
Notes to Financial Statements . . . . . . . . . . . . . . . . . ..... .......
36 37-61
. Required Supplementary Information:
Schedules of Funding Progress . . . . . . . . . . . . . .......................62 Schedules of Contributions From Employer and Others . . . . . . . . . . . . . . . . . . . . . 63 Year 2000 Disclosure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 Analysis of Surplus - Section 8 Programs . . . . . . . . ....... .. . . . . . . . . . . 65 Combining and Individual Fund and Account Group
. Statements and Schedades:
General Fund
( Balance Sheet . . . . . . . . . . . . . . ...............................66 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67
[ Schedule of Revenues - Budget and Actual . . . . .......................68 Schedule of Expenditures - Budget and Actual - By Department . . . . . . . . . . . . . . , . 69 r
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CITY OF LEESBURG, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEl'TEMBER 30,1998 I
Table of Contents (Continued)
Financial Section (Concluded)
Combining and Individual Fund and Account Group Statements and Schedules: (Concluded)
Special Revenue Funds Combining Balance Sheet . . . . . . . . . . . . . . . . . ....... . . . . . . . . . . 70-71 Combining Statement of Revenues, Expenditures and Changes g in Fund Balances . . . . . . . . . . . . . . ... . . . . . . . . . . . . . . . . . . . . 72-7 3 5 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual: g Community Development Fund ........... .. .... .... . .. 74 g Housing Assistance Fund . . . . . ... ..... . ...... . . . . . . . . . 75 Stormwater Fund . . ......... .. .. ....................76 E Affordable Housing Fund . . . . . . . . . . . . . . ...... .............77 g Greater Leesburg Community Development Fund . . . . . . . . . . . . . . . . . . . . 78 Enterprise Funds Combining Balance Sheet . . . . . . . . . .. . .......... . .. . . 79-82 Combining Statement of Revenues, Expenses and Changes in Retained Earnings ............ .. ................. . . . . . 83-84 Combining Statement of Cash Flows . . ....... .......... ....... 85-88 Internal Service Funds Combining Balance Sheet . . . . . . . . . . . . . . . . . . . . . . .. ... ........89 Combining Statement of Revenues, Expenses and Changes in Retained Earnings ............... .. ......... . .. . . . .. . 90 Combining Statement of Cash Flows . . ...................... . . 91 Fiduciary Fund Types l Combining Balance Sheet .. .. ... . .. ......... ..... . . . 92 5 Account Groups E Schedules of General Fixed Assets By Source ... ..... ........ ... . 93 E Schedule of General Fixed Assets - By Function and Activity . .... .. . . . 94 Schedule of Changes in General Fixed Assets - By Function and Activity . . . . . ............................ . . . . . . . . 95 Schedules of General Long-Term Debt .. .. ............. . . . . . . . . . 96 iii
CITY OF LEESBURG, FLORIDA COMPREIIENSIVE ANNUAL FINANCIAL REPORT FOR TIIE FISCAL YEAR ENDED SEPTEMBER 30,1998 Table of Contents (Concluded)
Statistical Section (Unaudited)
Table 1 General Governmental Expenditures By Function and Other Uses ........... .......... ... . . . . . . . . . . . . . 97-9 8 2 General Revenues By Source and Other Financing j Sources ............ . . ..................... .99-100 l 3 Property Tax Levies and Collections . . . . . . . ....... ...... 101-102 p 4 Assessed Value of Exempt and Taxable Property . ......... ........ 103 5 Property Tax Rates - All Direct and Overlapping g Governments . . . . . . . . . ...... ...................... 104 3 6 Computation of Overlapping General Obligation Debt . . . . . . . ......... 105 7 Ratio of Annual Debt Service Expenditures For General 3 and Special Revenue Bonded Debt to Total General 5 Expenditures . . . . . . . . . .. .... ... ........ ...... . 106 8 Combined Utility Funds - Schedule of Revenue Bond Coverage .,... .. 107-108 9 Demographic Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . ... .... 109 I 10 11 Construction Permits and Values . . . . . . . . . . . . . . . . . . . . . . . . . . .
Principal Taxpayers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .
.. 110 111 12 Miscellaneous Statistics ................. .................. 112 13 Corporate Limits and Annexations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113 1
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HMS March o 25,1999 -
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"N . . ,ih "To the Honorable Mayor and City.
Commissioners of the City of Leesburg, 1
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Florida -
The Comprehensive Annual Financial' 1. General Purpose Financial Report of the City of Leesburg, Florida for Statments by fund type and account J~ -
the fiscal year ended September 30,1998, is . group.
g, respectfully submitted. This report was Q, prepared by the Finance Division of the City 2. Notes to the Financial Statements.
, MClerk/ Finance - Director. I believe the
~tD I financial and statistical information presented - 3. Combining, Individual Fund and
- _ ,is accursts'in all material respects, and is set Account Group Statements and
.. M forih'in a manner designed to fairly present Schedules.
'> 3 (: thel financial position ;and results of .. , .. g .
3 (oporations'of the City as measured by the ~ - The Statistical' Section ~ presents' social, li financial ' activity. of its various ' funds. The- demographic, and economic data together
. report; contains g all: of the- : disclosures with information concoming the financial
{ necessary to'~ enable the reader to gain the trends and the fiscal capacity of the City of-L maximum 1 understanding ~ of the City's : Leesburg, and. is generally presented on a
~
- financial affairs. '
multi-year basis.
i Organization and Contenti *" The1following pages of . this- letter j .
1summarizeL andf highlight :the J financial ug ~
The' purpose of this letter'is to narratively , , transactions of the City of Leesburg for the -
~ ipoint out the highlights of the City's financial fiscal year _ ended September 30,1998.
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, operadons forHtheD fiscalE year ended .
SeptemberL30,1998.' LThe Comprehensive GeneralInformation -
Annual Financial Report contains three makr
- s , sections which are theLintroductory, the
- Leesburg was founded and first settled in D ' M Financial, and the Statistical Sections. The2 - 1857 by Evander H. Lee, a native of Sumter, Introductory Section is designed.to give tho' South Carolina. . The City received its.name W . < reader dome besic background about the , as a result of shipping directions.given by '
govemmental unit as 'a;whole.f The Financial Calvin Lee, Evander's, brother,J during ) a "
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Section List divided into ;the?following merchandising trip to New York City in 1866.
"> subsections: ', ~
. By a citizen vote of 23 to 2,1the City of.
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Leesburg was incorporated on July.12,1875L j SD ' O.' ' l w-r ; .
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4 LEESBURG 10 h C
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, Ihrt &w B6x 49@0l1iadurglFidrdd 34749-0630. %Q '
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, 3 AN EQUAL. OPPORTUNITY /AITikMATWU ACTION EMPIDYllR .
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March 25,1999 g The City of Leesburg is situated between The major factors in the economy of the a Lake Harris and Lake Griffin. The City was City of Leesburg and the surrounding areas g originally a part of Sumter County and are recreation and tourism. The Leesburg served as the County seat until 1882 when Industrial Park is located on SR 44 and is the Florida Legislature created Lake County. occupied by several industrial and The City has been a part of Lake County commercial enterprises. since then and is the oldest and highest populated of the 14 incorporated Government Structure municipalities in Lake County. The City of Leesburg is a political The estimated April 1,1998 population of subdivision of the State of Florida. As such, 15,658 residents ranks the City of Leesburg it is govemed by and derives its operating as the 98th largest of Florida's 400 authority from the constitution and laws of municipalities (the incorporated cities, towns the State of Florida. and villages). In addition to Leesburg, the other thirteen incorporated municipalities The City operates under a located within Lake County are Astatula, commission / manager form of govemment. E Clermont, Eustis, Fruitland Park, Groveland, with a goveming board consisting of five City 5 Howey-in-the-Hills, Lady Lake, Mascotte, Commissioners, elected to staggered Minneola, Montverde, Mount Dora, Tavares three-year terms. Three of the commission g and Umatilla. members must meet district residency g requirements. The remaining two As shown on the map below, the City of commissioners are elected at-large without a Leesburg is located in north central Florida district residency requirement. midway between the Gulf of Mexico and the Atlantic Ocean, approximately 200 miles The Financial Reporting Entity a southeast of the State Capitol, Tallahassee, and its Services g 80 miles northeast of Tampa, 40 miles northwest of Orlando and 125 miles This report contains all of the funds and southwest of Jacksonville. The City is account groups of The City of Leesburg, bisected by State Road 44, US Highway 27, Florida, as well as component units which and US Highway 441. are required to be included pursuant to the provisions of Govemmental Accounting Standards Board (GASB) Statement Number 1 14.
@ma- "
. g Statement 14 generally requires inclusion within the financial statements of u:r m ac organizations for which the City is financially
- accountable, and other organizations for which the nature and significance of their relationship wi'h the City is such that g.
exclusion would cause the City's financial W statements to be misleading or incomplete. Based on the application of the foregoing criteria, the Greater Leesburg Community Redevelopment Agency is included as a blended component unit of the City. 2
March 25,1999 After a detailed review of the criteria set reasonable assurance of proper recording of forth in Govemmental Accounting Standards financial transactions. Board Statement Number 14 (the Financial Reporting Entity), the following boards, Formal budgetary integration is used as a authorities, agencies, and districts have been management control device during the year excluded from the financial reporting entity: for all govemmental funds of the City. During fiscal year 1997-98, the City adopted a North Lake County Hospital District budget policy which establishes budgetary North Lake Ambulance District control (i.e. the level at which expenditures Leesburg Regional Medical Center cannot axceed the appropriated amount) at the fund level. Budgets for all govemmental The City provides - a full range of fund types are adopted on a basis consistent govemmental services contemplated by with generally accepted accounting principles state law and local ordinance, including (GAAP). The objective of these budgetary police and fire protection, storm water controls is to ensure compliance with legal drainage, the construction and maintenance provisions embodied in the annual budget of streets and infrastructure, library, adopted by the City Commission. recreational activities, cultural events, planning, zoning, housing, and administrative The City's accounting system is I services. In addition to general govemment activities, the City also provides a full range of utility services, including electric, natural organized and operated on a " fund" basis, which is the basic fiscal and accounting entity in govemmental accounting. Each I gas, sanitation and communication services, water and wastewater treatment. fund is classified by category and fund type. For descriptions of the City's fund types, account groups and a summary of significant Accounting System and accounting policies, see the notes to the I Budgetary Control financial statements. For a description of individual funds, see the combining in developing and evaluating the City's statements, I accounting system, consideration is given to the adequacy of intemal accounting controls. An abbreviated summary of the classes Intemal accounting controls are designed to of funds is outlined below: I provide reasonable, but not absolute, assurance regarding: (1) the safeguarding of Governmental Funds assets against loss from unauthorized use or I disposition; and (2) the reliability of financial records used in preparing financial in Govemmental Funds, measurement focus is based on a determination of the statements and maintaining accountability for financial position and changes in financial assets. The concept of reasonable position (sources, uses, and balances of assurance recognizes that: (1) the cost of a financial resources) rather than upon net control should not exceed the benefits likely income determination. These funds are l to be derived; and (2) the evaluation of costs and benefits requires estimates and maintained on the modified accrual basis of accounting, where revenues and other judgments by management. financial resource increments (for example, bond proceeds) are recognized _I ~ All intemal control evaluations occur in the accounting period in which they within the above framework. I believe that become both measurable and available the City's intemal accounting controls to finance expenditures of the fiscal .I adequately safeguard assets, and provide period. Basic financial statements 3 e u .
I March 25,1999 nersssary to fairly present financial General Governmental Functions pdsition and operating results for these funds are the balance sheet and the Revenues, as included in the statement of revenues, expenditures and govemmental funds, totaled $12,416,504 changes in fund balance. during fiscal year 1997-98 and increased by
$1,212,269 or 10.82 % over the total Proprietary Funds revenues of $11,204,235 reported in fiscal year 1996-97.
The Proprietary Funds (the Enterprise Funds and the Intemal Service Funds) Pursuant to the uniform classification of are used to account for activities in a accounts prescribed by the State manner similar to that utilized in the Comptroller's office, govemmental fund private sector, where the determination revenues are classified into one of the of net income is necessary or useful for following six categories: sound financial administration. The Proprietary Funds are accounted for on Taxes - Includes property (ad valorem) the full accrual basis, where revenues taxes, local option gas taxes, other local g are recognized when they are eamed taxes, and franchise fees. E and expenses when they are incurred. Licenses and Permits - Includes g Fiduciary Fuads occupational licenses, building, zoning, g and utility permits, right-of-wey permits, The measurement focus for Trust and and other licenses and permits of a local g Agency Funds is dependent on the nature. E nature of the fund. The only Trust and intergovernmental Revenues - includes Agency Funds of the City of Leesburg are the Pension Trust Funds, vfhich are accounted for in essentially the same federal grants, payments, and revenue sharing, state grants, payments, and l manner as the Proprietary Funds. revenue sharing such as the City's share of state collected motor fuel taxes and Account Groups sales taxes. The General Fixed Assets and General Charges for Services - Includes park Long-Term Debt Account Groups are fees, recreational activity fees, marina used to establish accounting control and storage and fuel sales, certification and accountability for the City's general fixed copy of city documents and records, sale assets and general long-term debt. The of official maps and publications, animal City's general fixed assets are not control fees, stormwater utility fees, financial resources available for building and other user charges. g expenditure. The unmatured principal of 5 the City's general long-term debt does Fines and Forfeitures - includes court not require the use of financial resources fines and fees (including police officers 3 during the current accounting period. educational funding), the proceeds from E Accordingly, these are not accounted for the sale of judicially confiscated property, in the govemmental funds, but in and library fines. self-balancing account groups. 4 I
March 25,1999 Miscellaneous Revenues - Includes Based on the preceding classifications, interest on investments, rents, sales of the amount of general govemment revenues surplus property, insurance proceeds received during fiscal year 1997-98 as from lost or destroyed property, street compared to fiscal year 1996-97 was as paving assessments, refunds, follows: contributions, reimbursements, and revenues not more properly recorded in I other classifications. g Fiscal Year Fiscal Year increase Percent B Description 1997 98 1996-97 (Decrease) Change Taxes $ 4,138,872 $ 4,019,315 $ 119,557 2.97 % [ B Licenses and Permits Intergovemmental Revenue 273,436 3,192,427 278,600 2,217,082 (5,164) 975,345 (1.85)% 43.99 % Charges for Services 987,987 949,880 38,107 4.01 % Fines and Forfeitures 298,233 283,447 14,786 5.22 % Miscellaneous RevenuesW 3,525,549 3,455,911 69,638 2.02 % Totals $ 12,416,504 5 11,204,235 $ 1,212,269 10.82 % Wincludes interest income and reimbursements received from the Enterprise Funds for services provided by General Fund Departments The relationships between the various source of the $119,557 or 2.97% increase y sources of revenue received in fiscal year in tax revenues was in the amount of g 1997-98, as compared to fiscal year delinquent ad valorem tax revenues, which 1996-97, may be shown graphically as increased by $38,916 or 130.24% from follows: $29,879 in fiscal year 1996-97 to $68,795 in fiscal year 1997-98. The distinction l between current and delinquent ad valorem
,, ,, . / tax revenues is made by the Lake County l ,,,,,,.. / fE.... - Tax Collector based on when, during the
, , , _ / M 1 f lE _ property tax cycle, the amounts are
""" / = L l l collected. As a consequence, some
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amounts are recorded as delinquent even
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though they are collected during the fiscal year for which they were originally levied.
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This would also appear to explain the fact I '- f ;,yf that current ad valorem tax revenues w v.- declined by $7,637 or 0.33% from
$2,336,056 in fiscal year 1996-97 to Nearly 65% of the increase in tax $2,328,419 in fiscal year 1997-98 even revenues can be attributed to increases in though taxable values actually increased.
Local Govemment Infrastructure Surtax Specifically, while the millage rate (amount Revenues. Total revenues from this source of taxes per $1,000 of assessed value) increased by $77,675 or 8.43% from levied in the city remained constant at 4.50
$921,093 in fiscal year 1996-97 to $998,768 mills for each of the past two years, the in fiscal year 1997-98. The other major assessed value of taxable properties grew by $12,666,006 or 2.35% from 5
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I-March 25,1999 51 El
$552,619,560 in fiscal year 1996-97 to taxed pursuant to the provisions of Section g 565,285,566 in fiscal year 1997-98. 206, Florida Statutes. Utilization of the E Although during the past six years the rate proceeds of this tax is limited to the costs of of growth in taxable values has slowed acquisition, construction, reconstruction, i considerably from the explosive growth and maintenance of roads and streets; and rates experienced throughout the 1980's, the costs of establishing, operating, and nevertheless, over the past seventeen maintaining a transportation system and years the increase in total taxable values related facilities.
has averaged 10.72% annually, which, may be shown graphically as follows: Revenues from the Local Option Gas Tax actually fell by $5,088 or 1.06% from a-'ra - w-- $478,526 in fiscal year 1996-97 to $473,438
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in fiscal year 1997-98 i u ai E au d should be noted at this point that E _muiia
!~~~ !~~~' uiajjjjjllll ll through a cooperative agreement between ~~~
uaaaaaaaaaau ua the Lake County Board of County g
.- Commissioners and the fourteen B incorporated Lake County municipalities, nearly 30% of both the one cent voted gas 3 taxes as well as the six cent local option E Two of the other three major categories gas taxes collected are shared with the of tax revenues (i.e. franchise taxes, local municipalities.
option gas taxes, and the one cent voted gas tax) experienced modest increases in License and permit revenues fell in total the amount received in fiscal year 1997-98 by $5,164 or 1.85% from $278,600 in fiscal as compared to the amount received in year 1996-97 to $273,436 in fiscal year fiscal year 1996-97. Combined, these 1997-98. These revenues are generated sources of revenue rose by a total of from two sources, namely professional and
$10,921 or 1.49% from $731,969 in fiscal occupational licenses and building permits.
year 1996-97 to $742,890 in fiscal year Professional and occupational license . 1997-98. Notable was the increase in the revenues fell by $12,917 or 7.33% from proceeds from the cable television franchise $176,253 in fiscal year 1996-97 to $163,336 fees which increased from $92,961 in fiscal in fiscal year 1997-98. Professional and year 1996-97 to $101,822 in fiscal year occupational license fees are payable on or 1997-98, an increase of 9.53% or $8,861. In before October 1 of each year, and addition, the amounts collected from therefore, the timing of when these items telephone franchise fees rose by $4,312 or are paid could have an impact on the 14.53% from $29,688 in fiscal year 1996-97 amount received from one year to the next. to $34,000 in fiscal year 1997-98. The other major source of license and Permit revenues, building permits, Revenues received from the One Cent experienced an increase of $7,598 or E Voted Gas Tax experienced a slight 7.42% from $102,347 in fiscal year 1996-97 5 increase from $130,794 during fiscal year to $109,945 in fiscal year 1997-98. The 1996-97 to $133,630 dunng fiscal year increase in building permit revenues may be g 1997-98. This tax, which was approved by explained, at least in part, by an 3 the voters of Lake County in a referendum examination of building permit activity. election, provides for the levy of a one cent Although the total number of building E per gallon tax on every gallon of motor fuel permits issued remairied relatively constant E and special fuel sold in the County and 6 I
March 25,1999 (294 during fiscal year 1996-97 and 292 must be used to rehabilitate housing units, during fiscal year 1997-98), the construction and were used by the City to leverage value underlying the permits issued rose by Community Development Block Grant
$9,322,093 or 80.23% from $11,618,687 in funds, totaled $105,201 during fiscal year I fiscal year 1996-97 to $20,940,780 in fiscal year 1997-98.
1997-98. Secondly, the amount of revenues I intergovernmental experienced the single largest increase of revenues recognized from the joint participation agreements between the City of Leesburg any of the major revenue categories. The and the State of Florida, Department of fiscal year 1997-98 Intergovemmental Transportation, conceming the construction revenues of $3,192,427 represented an of airport signage, rehabilitation of runway increase of $975,345 or 43.99 % over the 3/21 threshhold, taxiway B improvements,
$2,217,082 reported in fiscal year 1996-97. completion of an airport master plan, and While many of the individual sources of land acquisition at the t.eesburg Regional revenue which comprise intergovernmental Airport increased dramatically from fiscal year 1996-97 to 1997-98. Specifically, I revenues experienced modest increases in the amount of revenue received during revenues from this source totaled $162,042 fiscal year ' 1997-98, compared to the during fiscal year 1996-97 and rose by amount received during fiscal year 1996-97, $300,673 or 185.55% to $462,715 in fiscci I a majority of the overall increase can be year 1997-98. In addition to the funding attributed to four major areas. One of the assistance received from the State of g largest reasons for the increase in the Florida for the construction of these B amount of intergovemmental revenues improvements, funding assistance was also received during fiscal year 1997-98 received from the federal govemment as I compared to the amount received in fiscal well as from Lake County. Assistance B year 1996-97 is attibutable to the amount received from the federal government of revenue recognized from the Community increased from zero in fiscal year 1996-97 g Development Block Grant. Funding was to $38,391 in fiscal year 1997-98. Funding l received during fiscal year 1997-98 from the of airport improvements received from Lake Small Cities Community Development Block County rose by $66,021 from $3,874 in Grant Program administered by the State of fiscal year 1996-97 to $69,895 in fiscal year I Florida, Department of Community Affairs, In the amount of $446,054 as part of a new 1997-98.
grant cycle. Funding from this source is Finally in the area of intergovemmental I being utilized to provide improvements to revenuas, the proceeds received by the City substandard housing units which are owned from the Local Government Half-Cent Sales by eligible low income individuals and Tax Program experienced an increase of No Community Development $47,172 or 8.04% from $586,849 in fiscal l families. Block Grant revenues were reported during year 1996-97 to $634,021 in fiscal year fiscal year 1996-97. Therefore, the revenue 1997-98. received from this source represents
$446,054 of the totalincrease of $975,345. Collectively, the increases in these , Also in the housing area, during fiscal year revenue sources alone total $1,003,512, 1997-98, funding assistance was received which more than accounts for the overall for the first time in the form of a pass increase in this category of $975,345.
through grant from Lake County of State Housing Initiative Partnership Act (S.H.LP.) Nearly 80% of the $38,107 increase in Funds. Revenues from this source which Charges for Services revenues is ~' 7
March 25,1999 (294 during fiscal year 1996-97 and 292 must be used to rehabilitate housing units, during fiscal year 1997-98), the construction and were used by the City to leverage value underlying the permits issued rose by Community Development Block Grant
$9,322,093 or 80.23% from $11,618,687 in funds, totaled $105,201 during fiscal year fiscal year 1996-97 to $20,940,780 in fiscal 1997-98.
year 1997-98. Secondly, the amount of revenues intergovernmental revenues recognized from the joint participation experienced the single largest increase of agreements between the City of Leesburg any of the major revenue categories. The and the State of Florida, Department of fiscal year 1997-98 Intergovemmental Transportation, conceming the construction revenues of $3,192,427 represented an of airport signage, rehabilitation of runway increase of $975,345 or 43.99 % over the 3/21 threshhold, taxiway B improvements,
$2,217,082 reported in fiscal year 1996-97. completion of an airport master plan, and While many of the individual sources of land acquisition at the Leesburg Regional revenue which comprise intergovernmental Airport increased dramatically from fiscal revenues experienced modest increases in year 1996-97 to 1997-98. Specifically, the amount of revenue received during revenues from this source totaled $162,042 fiscal year 1997-98, compared to the during fiscal year 1996-97 and rose by amount received during fiscal year 1996-97, $300,673 or 185.55% to $462,715 in fiscal a majority of the overall increase can be year 1997-98. In eddition to the funding attributed to four major areas. One of the assistance received from the State of largest reasons for the increase in the Florida for the construction of these amount of intergovemmental revenues improvements, funding assistance was also received during fiscal year 1997-98 received from the federal government as compared to the amount received in fiscal well as from Lake County. Assistance year 1996-97 is attributable to the amount received from the federal govemment of revenue recognized from the Community increased from zero in fiscal year 1996-97 Development Block Grant. Funding was to $38,391 in fiscal year 1997-98. Funding received during fiscal year 1997-98 from the of airport improvements received from Lake Small Cities Community Development Block County rose by $66,021 from $3,874 in Grant Program administered by the State of fiscal year 1996-97 to $69,895 in fiscal year Florida, Department of Community Affairs, 1997-98.
in the amount of $446,054 as part of a new grant cycle. Funding from this source is Finally in the area of intergovernmental being utilized to provide improvements to revenues, the proceeds received by the City substandard housing units which are owned from the Local Govemment Half-Cent Sales by eligible low income individuals and Tax Program experienced an increase of families. No Community Development $47,172 or 8.04% from $586,849 in fiscal Block Grant revenues were reported during year 1996-97 to $634,021 in fiscal year fitcal year 1996-97. Therefore, the revenue 1997-98. received from this source represents $446,054 of the totalincrease of $975,345. Collectively, the increases in these Also in the housing area, during fiscal year revenue sources alone total $1,003,512, 1997-98, funding assistance was received which more than accounts for the overall for the first time in the form of a pass increase in this category of $975,345. through grant from Lake County of State Housing Initiative Partnership Act (S.H.I.P.) Nearly 80% of the $38,107 increase in Funds. Revenues from this source which Charges for Services revenues is 7
1 March 25,1999 attributable to increases in revenues The increase of $69,638 or 2.02% in associated witn the operation of the miscellaneous revenues, is attributable to Venetian Cove Marina. Revenues for slip one source, the sale of City owned rentals, fuel and merchandise sales and property. During fiscal year 1996-97, the ' other sources rose by $30,334 or 18.09% City sold a parcel of property located in the from $167,717 in fiscal year 1996-97 to Municipal Industrial Park for $27,913.
$198,051 in fiscal year 1997-98. This During fiscal year 1997-98, the City sold a marks the second consecutive year that parcel of property located at the Leesburg g revenues at the marina have increased by Regional Airport for $205,837. Therefore, a more than 18%. revenues from this source rose by
$177,904. The remainder of revenues All but three of the individual sources of included in the miscellaneous revenue revenue included within fines and category experienced a net decrease during forfeitures, which represent judgments and fiscal year 1997-98 from the amount E fines from judicial proceedings, experienced received in fiscal year 1996-97. Notable E' increases in the amount received during examples include interest earnings, which fiscal year 1997-98 compared to fiscal year declined by $27,854 or 6.75 % from 1996-97. However, a new source of $412,815 in fiscal year 1996-97 to $384,961 revenue received by the City for the first in fiscal year 1997-98. The reasons for the time during fiscal year 1997-98 more than decrease in interest revenues are really two accounts for the overall increase in fine and fold. First, the amount of surplus funds forfeiture revenues. Specifically, during the available for investment fell because of the 1996 session, the Florida Legislature expenditure of funds accumulated in prior enacted legislation providing for the creation years. Second, the rate of return which the of local law enforcement automation City was able to obtain on invested funds programs. $12.50 from each moving traffic diminished considerably from that available violation is returned to the jurisdiction in in pnor years. 1 which the violation occurred for the purpose of funding such a program. During fiscal Total expenditures, as included in the year 1997-98, a total of $28,813 was governmental funds, rose by $1,976,875 or received by the City for this purpose. During 11.68% from $16,924,777 in fiscal year the second year of authorization this 1996-97 to $18,901,652 in fiscal year revenue grew by $22,200 or 77.05% to 1997-98.
$51,013. Since the growth in this revenue source is greater than the overall growth in Similar to the fashion in which revenues the fine and forfeiture revenue category, the are classified into major categories, remainder of the revenues in this category governmental fund type expenditures are actually experienced a net decrease classified into one of the following nine compared to fiscal year 1996-97. Significant functional categories: 3 among the accounts experiencing a E decrease was in the sale of judicially General Government - Includes the confiscated property which fell by $17,061 costs of services provided by the or 57.75% from $29,061 in 1996-97 to legislative, judicial and administrative
$12,480 in fiscal year 1997-98. It should be branches of govemment for the benefit noted however, that, because of its nature, of the public and the governmental body revenue from this source is subject to as a whole.
extreme inestimable variances from year to year. Public Safety - Includes expenditures related to the security of persons and 8
March 25,1999 property, such as police services, and control of human illness, injury, or building inspection services, fire handicap, and for the welfare of the f protection services and fire rescue community as a whole, such as the services. Citizens Utility Relief Effort (C.U.R.E.)
, and animal control services.
Physical Environment - Includes the l costs of services necessary for the Culture / Recreation - includes the costs l attainment of a satisfactory living of providing and maintaining cultural and environment, such as pollution control, recreational facilities throughout the City stormwater management, and other for the benefit of all City citizens. activities relating to the environment. Capital Projects - Includes Transportation - Includes those expenditures for major construction f expenditures necessary to provide for projects, which generally require longer the safe and efficient flow of vehicle and than one fiscal year to complete. pedestrian traffic throughout the City, primarily through construction and Debt Service - Includes the costs of maintenance of roads, as well as those liquidating long-term liabilities of the costs related to the construction and City, such as principal and interest on maintenance of airport facilities. bond issues and notes and contracts payable and related expenditures. Economic Environment - Includes costs incurred for the development and Utilizing the functional categories listed improvement of economic conditions for above, the amount of expenditures incurred the community and its citizens. in the governmental funds during fiscal year 1997-98, as compared to fiscal year Human Services - includes 1996-97, was as follows: expenditures for the care, treatment, Fiscal Year Fiscal Year increase Percent Description 1997-98 1996-97 (Decrease) Change General Govemment $ 4,446,495 $ 3,677,040 $ 769,455 20.93 % Public Safety 6,096,292 5,772,211 324,081 5.61 % Physical Environment 883,875 868,450 15,425 1.78 % Transportation 595,606 628,878 (33,272) (5.29)% Economic Environment 1,335,247 768,703 566,544 73.70 % Human Services 47,999 49,723 (1,724) (3.47)% Culture and Recreation 2,807,600 2,837,040 (29,440) (1.04)% Capital Projects' 2,172,578 1,800,650 371,928 20.66 % Debt Service ~ 515,960 522,082 (6,122) (1.17)% Totals $ 18,901,652 $ 16,924,777 $ 1,976,875 11.68 % i The following is a graphic representation from fiscal year 1996-97 to fiscal year of the changes in expenditures by category 1997-98: l 9 l
I March 25, 'l999 h increases in Fire Department expenditures which increased by $147,592 or 7.93% from i "l,C,'."/: /_.++m $1,861,615 in fiscal year 1996-97 to a total of ) sum.m ++++ .- $2,009,207 in fiscal year 1997-98. I I A Collectively, these two increases total 8"** -
$"$:7
/
/ [5 % _~C $332,990, which represents 102.75% of the amm - m total increase in this category. A majority of
/. Mu:i
.- l
["f" / um.m . / jl ] L,, the increases in each of these departments is related to personnel costs. j f y, f7
~
v Physical Environment expenditures rose E slightly from $868,450 in fiscal year 1996-97 5 to $883,875 in fiscal year 1997-98. Of the Expenditures for General Government three activities reported in this category, only < functions increased by 20.93% or $769,455 the Stormwater Utility Fund (which is gf 3 ' from $3,677,040 in fiscal year 1996-97 to accounted for as a special revenue fund) $4,446,495 in fiscal year 1997-98. Although experienced an increase in expenditures g many departments / divisions experienced during fiscal year 1997-98. Expenditures 5 modest increases and/or decreases, almost from this fund totaled $392,193 in fiscal year 70% of the net increase is attributable to the 1996-97 and rose by $117,772 or 30.03% to a1 negotiated settlement of the litigation with the $509,965 in fiscal year 1997-98. The other g' Tri-City Branch NAACP of Lake County. two activities reported in this category, the That settlement, which occurred at the very Engineering Department and Public Works a end of fiscal year 1997-98, resulted in the Office experienced decreases of $63,650 E recognition of a general govemment and $38,697 respectively. expenditure during fiscal year 1997-98 totaling $534,000. There was no Transportation Expenditures fell by corresponding expenditure during fiscal $33,272 or 5.01%. Expenditures associated year 1996-97. In addition, expenditures for with the operation of the Leesburg Regional public buildings experienced an increase of Airport fell by $34,503 or 25.75% from j
$121,157 or 42.32% from $286,306 in fiscal $134,007 in fiscal year 1996-97 to $99,504 in j year 1996-97 to $407,463 in fiscal year fiscal year 1997-98. Over % of this decrease l 1997-98 ostensibly as the result of the can be attributed to construction assistance i provided to an airport tenant during fiscal ;
purchase, during fiscal year 1997-98, of an office building in downtown Leesburg, at a year 1996-97 in the amount of $18,040. No l total cost of $148,262. Finally, such assistance was provided to this tenant exper.ditures for the Information and in fiscal year 1997-98. Road and Street l Communication Services Department facilities expenditures rose by $1,231 or experienced an increase of $113,937 or 0.25% from $494,871 in fiscal year 1996-97 g 27.65% . from $412,118 in fiscal year to $496,102 in fiscal year 1997-98. 5 1996-97 to $526,05t, in fiscal year 1997-98. Approximately 92% of the enormous 3 Public Safety expenditures increased by increase in Economic Environment E
$324,081 or 6.24% entirely as a result of: (1) expenditures, $566,544 or 73.70%, is increases in the level of expenditures for the attributable to increases in expenditures g Police Department which increased from associated with the Small Cities Community 3 $3,695,698 in fiscal year 1996-97 to Development Block Grant (CDBG) Program $3,881,096 in fiscal year 1997-98, an administered by the City, as well as increase of $185,398 or 5.02%; and (2) expenditures associated with the State 10
l M:rch 25,1999 Housing Initiative Partnership (SHIP) $144,540 in fiscal year 1996-97 to $1,879 in Program. CDBG Program expenditures fiscal year 1997-98. Conversely, totaled $446,054 during fiscal year 1997-98, expenditures in the Public Parks Division of the first year of a new grant cycle. Only the Recreation Department rose by $98,501
$501 was expended for this purpose during or 15.24% from $646,140 in fiscal year fiscal year 1996-97 when an earlier CDBG 1996-97 to $744,641 in fiscal year 1997-98.
grant program was completed. Also during A majority of the increase in expenditures in fiscal year 1997-98, the City participated in this division is attributable to general fund the SHIP Program for the first time. SHIP expenditures related to the Lights of Lake program expenditures totaled $75,635 during Program. Expenditures for this project the year. The increases associated with totaled $15.015 during fiscal year 1996-97 these two programs ' alone account for and increased by $57,052 to $72,067 in
$521,188 of the overall increase. In addition, fiscal year 1997-98.
expenditures associated with the City's Economic Development Department rose by Net capital project expenditures
$38,583 or 45.06% from $85,625 in fiscal increased by $371,928 or 20.66% from year 1996-97 to $124,208 in 'iscal year $1,800,650 in fiscal year 1996-97 to 1997-98. $2,172,578 in fiscal year 1997-98. Significant capital project expenditures during fiscal year While Human Services expenditures 1997-98 included land acquisition and decreased by $1,724 or 3.47% from $49,723 construction of improvements at the in fiscal year 1996-97 to $47,999 in fiscal Leesburg Regional Airport ($820,400),
, year 1997-98, the two activities reported in purchase of a new library site ($265,011),
this category were actually going in opposite purchase of two Class A Pumpers, a mini directions. Animal Control expenditures rose pumper, and a new vehicle for the fire chief from $33,344 in fiscal year 1996-97 to ($379,157) and purchase of new vehicles for
$34,422 in fiscal year 1997-98, an increase the police department ($145,804). Each of of $1,078 or L.23%. Expenditures these items contributed to the overall net associated with the Citizens Utility Relief increase in capital project expenditures.
Effort (C.U.R.E.) Program experienced a Capital Outlay expenditures related to the decrease of $2,802 (or 17.11%) from Leesburg Regional Airport consisted of
$16,379 in fiscal year 1996-97 to $13,577 in completion of an airport master plan fiscal year 1997-98. ($42,657), land acquisition ($360,187),
construction of a new hangar to replace the Expenditures for Culture / Recreation Florida Aircraft instruments hangar which totaled $2,807,600 in fiscal year 1997-98, was destroyed by fire ($164,768), which represents a decrease of $29,440 or rehabilitation of taxiways and runway 1.04% from the $2,837,040 reported in fiscal thresholds ($70,446), and construction of year 1996-97. This decrease may be totally new airport signage ($182,342). The cost of attributed to operating and capital outlay these improvements, which are being funded costs of the Venetian Cove Marina which with assistance from the federal, state, and experienced a decrease of $147,138 or county govemments, totated $820,400 l 48.78% from $301,614 in fiscal year 1996-97 during fiscal year 1997-98, which compared to $154,476 in fiscal year 1997-98. A to the $69,112 expended for airport majority of the decrease in expenditures at improvements in fiscal year 1996-97, the marina are the result of the purchase represents an increase of $751,288. The during fiscal year 1996-97 of a marine forklift increase in the cost of airport improvements at a total cost of $126,216. Total capital more than accounts for the overall net outlay expenditures at the marina fell from increase in capital project expenditures. 11
I March 25,1999 Debt Service expenditures vary Debt Administration a depending on the amount of the periodic I installments of principal and interest due on The following is a summary of long-term long-term obligations during a particular debt activity for the fiscal year ended fiscal year. Total debt service expenditures September 30,1998: declined by 1.17% or $6,122 from $522,082 in fiscal year 1996-97, to $515,960 in fiscal year 1997-98. Balance October 1, Additions Retirements Balance September 30, l Description 1997 1998 Refunding and Capital $ 4,625,000 $ - $ 210,000 $ 4,415,000 Improvement Bonds, Series 1987 Refunding Utilities Revenue 2,419,605 270,283 - 2,689,888 Bonds, Series 1984"I Refunding Utilities Revenue 17,161,024 - 1,142,231 16,018,793 Bonds, Series 1989") Total Long Term I Bonded Debt") $ 24,205,629 $ 270,283 $ 1,352,231 $ 23,123,681 Plus: I Florida Municipal Power Agency 5 1,155,000 $ -
$ 360,000 $ 795,000 Initial Pooled Loan Program Notes Payable (1990)")
Capital Lease Payable 58,555 - 58,555 - Compensated AbsencesW 1,284,413 58,987 - 1,343,400 Sult Settlement Payable * - 270,000 - 270,000 Total Long Term Debt") $ 26,703,597 $ 599,270 $ 1,770,786 $ 25,532,081
")lncludes the Long-Term portion of the Refunding Utilities Revenue Bonds, Series 1984, the Refunding Utilities Revenue Bonds, Series 1989, and the Florida Municipal Power Agency Initial Pooled Loan Program Notes Payable from the Enterprise Funds W includes only compensated absence liabilities payable from the govemmental funds (i.e. the General Fund and the Specla! Revenue Funds)
- Represents that portion of the legal settlement with the Tri-County Branch of the NAACP which does not represent a current liability. Specifically, the terms of the settlement require the City of Leesburg to continue an annual funding subsidy,in the amount of $30,000, to the Community Development Corporation, for a period of 10 years. $30,000 of this obligation is reported as a General Fund expenditure in fiscal year 1997-98, leaving a balance of $270,000 which is l E
recorded as a long term liability. 12 I
March 25,1999 The $6,145,000 Refunding and Capital pension plans operated by the City: the improvement Revenue Bonds, Series 1987 General Employees' Pension Fund, the are insured by AMBAC Indemnity Municipal Police Retirement Trust Fund and Corporation (AMBAC) and therefore carry a the Municipal Firemen's Retirement Trust AAA Standard and Poors Bond Rating. Fund. All investments are managed by outside fund managers. The operation of the The $19,999,998.70 Refunding Utilities three pension plans continued to improve Revenue Bonds, Series 1984 are insured by during fiscal year 1997-98, primarily as a the Municipal Bond investors Assurance result of the extraordinary strength of the Corporation (MBIA) and therefore carry AAA equity markets. Assets in the three plans Standard and Poors and Aaa Moody's totaled $36,951,854 as of September 30, investors Service Bond Ratings. 1998. The $21,810,000 Refunding Utilities General Fixed Assets Revenue Bonds, Series 1989 are insured by the Financial Guaranty insurance Company The general fixed assets of the City are (FGIC) and therefore carry AAA Standard those fixed assets used in the performance and Poors and Aaa Moody's Investors of general govemmental functions and Service Bond Ratings. exclude those fixed assets known collectively as infrastructure, !.e., roads, bridges, curbs Capital Projects Fund and gutters, streets and sidewalks, drainage systems, lighting systems, and similar assets As pieviously described, the City has which are immovable and generally of value created a capital projects fund to account for only to the City of Leesburg. Also excluded major construction projects, which generally from general fixed .anets are the fixed require longer than one fiscal year to assets of enterprise and intemal service complete. As reported above, expenditures funds,if any. As of September 30,1998, the from the capital projects fund totaled general fixed assets of the City amounted to
$2,172,578 during fiscal year 1997-98. $28,563,884. This amount represents the Significant revenuo sources used to fund the historical cost of purchased assets or the capital projects fund include the proceeds estimated fair market value at the date of received by the City from the 1p Local acquisition of assets acquired through Govemment infrastructure Surtax, as well as donation or other means. The City's fixed federal and state grants such as the asset accounting policy requires C.O.P.S. More Grant and State Department capitalization in the accounting records of of Transportation Airport Funding fixed assets with a value of $500 or more.
Agreements. Fiscal year 1997-98 capital projects fund revenues totaled $1,949,808. Proprietary Operations All other capital improvement The City has created a total of six expenditures are reported within the enterprise funds to account for the following appropriate govemmental fund type. utility services: electric, natural gas, sanitation services, communication services, Fiduciary Operations water and wastewater treatment. The results of operations of the enterprise funds for the The City has created three pension trust fiscal year ending September 30,1998 may funds to account for three defined benefit be summarized as follows: k 13
I, March 25,1999 8 we a d Sanitation cat on Electric Gia Water Wastewater Services Services UtilMy Utliky UtitMy UtilRy UtilNy UtilRy Total Operatmg Revenues $ 33,344,020 $ 7,040,931 $ 3,558,936 $ 3,570,708 $ 2,347,903 $ 61,040 $ 49,932.538 Operating Expenses (28,165,929) (5,806.323) (2.262 248) (3,102.572) (1.925.138) (53.648) (41,315 856) ; I Operating income Nonoperating Revenue (Expenses)
$ 5.178,091 (85.371)
$ 1,243,608 $ 1.296.686 164.802 _ 186.999 5 468,136 $
332,157 422.765 $ 61,956 7,392 $ 8.616,650 9.554 690.097 I incorne before Operating Transfer $ 5,092,720 $ 1,408,410 $ 1,483,687 $ 600,293 $ 504,721 $ 16,946 $ 9.306,777 (4,839.396) Operating Transfer , 3.339,600) ( (717.204) (397.296) (385.296) . . 691.206 $ 1.086,391 414.997 504.721 $ 16.946 $ 4.467,381 Not income $ 1.*53.120 $ $ $ As shown in the above schedule, each of The City is a participant in an agreement the six enterprise funds had positive net with Florida Power Corporation. Under income during fiscal year 1997-98. In the terms of the agreement, the City aggregate, net income (after subtracting acquired a 0.8244% ownership interest operating transfers to the General Fund) and generation entitlement share in totaled $4,467.381. Crystal River !!!, a nuclear steam electric generating unit. Participants are entitled Electric System to energy output of the unit based upon their respective generation entitlement The Electric Utility Fund is the largest share. Operation costs are paid monthly ' (both in terms of revenues as well as in proportion to the entitlement share. customers) of the City's six utility Nuclear fuel payments are required of operations. The electric system, participants in advance, established in 1926, serves 17,652 , customers. The system includes five The City, through FMPA, negotiated an gi substations, distribution facilities, 365 agreement with Florida Power and Light E) miles of primary electric lines, and covers Corporation guaranteeing the City the 1 a total area of fifty square miles. The right to purchase up to 1.716 megawatts gi I City of Leesburg purchases power from of generating capacity from the St. Lucie 3 the Florida Municipal Power Agency No. 2 nuclear generating plant. This (FMPA) on an all-requirements basis. plant became operationalin 1984. E FMPA was created pursuant to Florida 3 Statutes Chapter 163, Parts I and II ("The The Public Service Commission Interlocal Act": and "The Joint Power approved a territorial agreement with Act") which, among other things, Florida Power Corporation in May 1982 provides a means for Florida municipal and with Sumter Electric Cooperative in corporations to cooperate with each May 1991. On May 23,1968, the City of i other to provide for their present and Leesburg entered into a franchise 4 future energy needs. The agreement agreement with the City of Fruitland Park i remains in effect until October 1, 2020, to provide services. with two optional successive ten-year , renewal periods. The power rates that Natural Gas System FMPA charges the City are subject to a majority vote of the FMPA Board of The Natural Gas Utility Fund is the Directors. The City has limited oversight second largest (in terms of revenues) of authority over the operation. the City's six utility operations. The I 14
March 25,1999 natural gas system, established in 1959, from nine Floridian acquifer wells. The serves 8,025 customers throughout the City has a consumptive use permit from utility service area including the municipal St. Johns River Water Management industrial park, enterprise zone, the District to withdraw a daily maximum not Coleman Federal Correction Facility and to exceed 3.5 MGD of ground water. other rural areas. The gas service area Treatment of the raw water is encompasses approximately ' forty-nine accomplished through a 19 million square miles, both inside and outside the gallons per day treatment plant. The City City limits, and is composed of 195 miles meets all federal and state drinking water of gas mains. Installation and standards. maintenance of all gas mains and service lines are the responsibility of the City Gas Wastewater System Department. The City of Leesburg purchases firm gas for resale through the The Sanitary Sewer and Wastewater Municipal Gas Authority of Florida. The Utility Fund is the second oldest of the City has an interlocal agreement with City's six utility operations. The Pace Energy to manage gas purchases wastewater treatment system was and day-to-day nominations to meet the established in 1920. The wastewater daily consumption needs of the City. A collection system serves the City and the contract with Florida Gas Transmission surrounding service area which totals I for preferred transportation services expires in 1999. On November 21,1974, twenty square miles and serves 9,957 customers. The wastewater collection the City of Leesburg entered into a system consists of approximately 85 I franchise agreement with the City of Fruitland Park to provide services. pumping and lift stations and 165 miles of sanitary sewer lines. Gravity sewer lines range from 4 to 24 inches in diameter I Water System and force mains range from 4 to 20 inches in diameter. The City has an The Water Utility Fund is the oldest and operating permit from the Florida I second largest (in terms of customers) of the City's six utility operations. The water Department of Environment Protection Agency to operate a 3.5 million gallons y system was established nearly 100 years per day rated plant. The system is in l ago. The water service area compliance with all state and federal encompasses 24 square miles inside and regulations. The City treats its effluent g outside the City limits and serves 10,394 water to an advance secondary standard [ customers. The water distribution system is primarily composed of 338 and uses it for irrigation on a City owned 320 acre tree farm. miles of water mains, including chlorination and fluoridation only, one Construction of a new wastewater l booster station facility, three (3) ground treatment plant is expected to be storage tanks (two of the tanks are rated completed in the year 2000 with a at 1.5 million gallons per day (MGD) and capacity of 3 million gallons per day, one at 500,000 MGD), and four (4) which is anticipated to be adequate elevated storage tanks, one 500,000 through the year 2015. The cite for the gallons, one 250,000 gallons, one second wastewater treatment plant is 200,000 gallons and one 150,000 located on CR 470 and the Florida [ gallons. In addition to the tanks listed Tumpike, and the conceptual design for above, there are two (2) 10,000 gallon the plant is underway. ~ hydropneumatic tanks. Water is obtained 15
T I! March 25,1999 , Sanitation System investment income samed during the year, l the net loss for the year totaled $52,909. The Sanitation Services Fund was After subtracting the net loss from the created to account for the collection, Retained Eamings Balance as of October 1, transport and disposal of solid waste for 1997 of $1,359,059, and adding a prior residential and commercial customers in period adjustment of $581 (for restatement of the City. The sanitation services system investment income), Retained Earnings as of serves the incorporated area of the City September 30,1998 totaled $1,306,731. which totals slightly over twenty-two square miles and serves 6,350 Finally, in the Workers' Compensation customers, insurance Fund, user charges received g during fiscal year 1997-98 totaled $529,917. m Communication System Benefits, claims, premiums and expenses paid during fiscal year 1997-98 totaled 3 The Communication Services Fund is the $341,914. Investment income eamed during E newest of the City's six utility operations the year totaled $105,782, resulting in net and was created to account for the income before operating transfers of g provision of communication services. The $293,785. After subtracting an operating g City has embarked on an aggressive transfer to the general fund of $503,620, campaign to install fiber optic cable and there is a net loss in the fund of $209,835, E created this fund to account for this which, when subtracted from the Retained g service. Eamings Balance as of October 1,1997 of
$1,700,828, and adding a prior period The City has created three intemal adjustment of $765 (for restatement of service funds to account for motor pool investment income), results in Retained '
services, general employee's health benefits Eamings as of September 30,1998 of coverage, and workers' compensation $1,491,758. During the fiscal year 1997-98 coverage. budget adoption process, the basis for workers compensation premiums charged to ' in the Motor Pool Service Fund, the participating departments was reduced, operating revenues for the year ending resulting in a reduction in operating revenues September 30, 1998 totaled $264,107. as noted above. During the fiscal year Investment income totaled $2,469. Operating 1998-99 budget adoption process, the expenses totaled $261,764, resulting in a net ope,ating transfer from the workers income for the year of $4,812. The City compensation fund to the general fund was reviewed the motor pool operation during the eliminated, and additional reductions were E. fiscal year 1997-98 budget adoption process made to the workers compensation 5 and implemented changes in the user charge premiums charged. This should result in net structure which eliminated the net losses income for the current year of approximately g experienced in prior years. zero. E in the General Employees' Health Risk Management g insurance Fund, user charges and 3 miscellaneous revenues received during Risk management is the process of fiscal year 1997-98 totaled $1,797,972 and managing the City's activities in order to a benefits, claims, premiums and expenses minimize the potential adverse effects of E: ' paid during fiscal year 1997-98 totaled certain types of losses. The main elements
$1,940,188. Adding the $89,307 of of the risk management program are risk 16 I
March 25,1999 control (loss reduction) and risk financing Funds deposited in local banks and (restoration of the economic damages of savings and loan associations were secured losses incurred). by a pledge of approved collateral securities by the participating institutions with the State Presently, the City's risk management Treasurer's office. In addition, funds were program calls for self-insuring many types of invested in the Local Govemment Surplus I risk, subject to the following limitations: Anmunt of Risk Retained Limit of nc= Insurance Funds Trust Fund in order to take advantage of the higher yields and greater liquidity available therein. I Type of Risk by City Coverage Interest income in the govemmental workm compensation 8 400.000 N= funds totaled $384,961 during the year, Health Benefits S 45,000 $ 955,000 Which represents a decrease of $27,854 or I The limits stated above are on a per 6.75% from the $412,815 recorded in fiscal year 1996-97. The reasons for the decrease occurrence basis, in interest revenues may be attributed to both decreases in the amount of surplus Cash Management funds available for investment (i.e. decreases in revenues received during fiscal I The City Clerk / Finance Director invests and disburses funds on behalf of the City year 1997-98 and in the amount of fund balances available for investment as of Commission as required by law, and October 1,1997) as well as decreases in the I applicable management directives. During fiscal year 1994-95, the City Commission rate of retum which the City was able to obtain on invested funds, adopted the City's first comprehensive investment policy. These policies were Major initiatives I amended during fiscal year 1997-98 to incorporate basic intemal controls over the As reported previously in this investment function. Cash temporarily idle correspondence, a number of capital asset I during the year was invested in time and demand deposits, in ovemight repurchase acquisitions took place during fiscal year 1997-98. Notable were the purchase of a agreements, in the Local Govemment new library site, the purchase of an office I Surplus Funds Trust Fund administered by the State Board of Administration, in Fidelity building (currently utilized Development Services Department), the by the investments Institutional Cash Portfolio purchase of two Class A Pumpers for the I Govemment Class I, and in govemment securities authorized by the investment Fire Department, and extensive acquisitions and improvements at the Leesburg Regional policy. Interest rates and maturities (from Airport. I the date of purchase) on securities purchased by the City during fiscal year The fiscal year 1997-98 budget of the 1997-98 were as follows: City of Leesburg was submitted to the Govemment Finance Officers Association of Days to interest the United States and Canada (GFOA) to oesesption Federal Agencies and Ih to "'h determine its eligibility for the Distinguished Budcet Award. The Distinguished Budget F it 1,096 1,096 6.110 6.110 Bank oiscount Notes established in 1984 to recognize exemplary Federal Home Loan 1,096 1,371 6.000 6.110 budget documentation by state, provincial Bank oiscount Notes and local govemments, as Well as public 17
I March 25,1999 universities and colleges. Each budget media, about the year 2000 problem or Y2K. g document is evaluated using a The year 2000 issue refers to the fact that g comprehensive evaluation checklist and many computer programs use only the last those judged proficient receive the award. two digits to refer to a year. Therefore, both Although we were unsuccessful in our ini4ial 1900 snd 2000 would be referred to as *00". l attempt to obtain the Distinguished Budget Computer programs must be adjusted to Award, we have generally implemented the recognize the difference between those two list of comments and suggestions for years or the programs will fail or create ; improvement received from the review of our errors. Also, some programs may not be 1997-98 budget document, and have able to recognize that 2000 is a leap year. submitted our 1998-99 budget document to Further, the year 2000 issue could effect I the GFOA to determine its eligibility for the electronic equipment such as environmental award. systems, 911 equipment, and security systems with which the City interfaces g During fiscal year 1996-97, the Finance including depositories, telephone systems, 5 Department implemented a new financial vendors, federal government grantors, accounting management software federal forfeitures, and state and county 3 application. Work progressed during fiscal govemment could be affected. The City has 3 year 1997-98 on implementation of several devoted significant resources to the year integrated software applications. Both the 2000 problem. To our knowledge, all but work order and continuing property records one of the major software applications systems wers implemented during fiscal year utilized by the City are year 2000 compliant. 1997-98. The work order system, which is Additionally, each of the various City of g used for all capital purchases, was Leesburg Utilities is conducting activities g implemented in the electric and gas designed to provide the maximum assurance departments during fiscal year 1997-98. The that interruptions in service will be minimized. g continuing property records system was The City of Leesburg recognized the g implemented city-wide during fiscal year significance of the year 2000 issue before it 1997-98 and provides highly detailed fixed became a major public issue and will asset accounting records for the first time. continue its efforts to ensure its impacts are minimized. During fiscal year 1997-98 the City also { continued an aggressive annexation policy. However, the issue which has the i During the year, the City annexed a total of greatest potential for future detriment to the l 1 158.96 acres. Over the past ten years, the City of Leesburg is the deregulation of the City has virtually doubled in size, from 11.41 electric utility industry. As is the case with square miles (7,246.73 acres) in i ),to many municipal owned electric utilities, the 22.63 square miles (14,480.80 acre as of City has become increasingly dependent i September 30,1998. While annext is do upon generating net income within the provide the City with an expanding revenue electric utility and transferring a portion of base, they also create demands for that net income to the general fund. During additional services which must be carefully fiscal year 1997-98, this transfer totaled E1 considered as a part of the overall $3,339,600. To place this in the proper 5I annexation decision. perspective, property taxes provided a total of only $2,397,214 during fiscal year g Prospects for the Future 1997 98. It has been estimated that, in a E worst case scenario, the impact of becoming Much has been made, both in the a " wires n i company could result in a accounting profession as well as in the news reduction !.1 available funding of 18 I
J l March 25,1999 ' approximately $2,500,000. Should this occur, independent Audit the City would be . faced with a difficult dilemma: cut existing services or find a Section 11.45, Florida Statutes, requires source of revenue to replace the net income a financial audit of the annual financial currently generated by the electric utility. statements of The City of Leesburg by an Undoubtedly, this is not an issue which will independent Certified Public Accountant be resolved on the short term horizon. selected by the City Commission and paid from City funds. This requirement has been in an attempt to cope with this issue, accomplished, and the report of our auditors during the fiscal year 1998-99 budget is included in the financial section of this I adoption process the City, for the first time, adopted a policy goveming the transfer of report. funds from the various enterprise funds to Certificate of Achievement the general fund. The policy establishes the transfer as 10% of gross revenues The Govemment Finance Officers generated by each of the City utilities. Association of the United States and Canada (GFOA) awarded a Certificate of I Economic Condition and Outlook Achievement for Excellence in Financial Reporting to the City of Leesburg, Florida for l The City of Leesburg is part of the its comprehensive annual financial report for l Greater Orlando Metropolitan Statistical Area the fiscal year ended September 30,1997. (MSA). The economic condition and outlook The Certificate of Achievement is a of the City has brightened with significant prestigious national award recognizing I increases in industrial leasing, employment generating activity, and new commercial conformance with the highest standards for preparation of state and local govemment building activity. New construction continues financial reports. I to show economic growth over previous years. In order to be awarded a Certificate of Achievement, a govemment unit must With the adoption of the 1996 fiscal year publish an easily readable and efficiently budget, the City Commission made a organized comprehensive annual financial commitment to continue city-wide economic report, whose contents conform to program development activities to create more and standards. Such comprehensive annual better jobs for our citizens, stability for their financial reports must satisfy both generally families, and develop balance within the local accepted accounting principles and economy. applicable legal requirements. Since March 1993, when the City initiated A Certificate of Achievement is valid for a its first formal economic development office, period of one year only. The City of I efforts to attract new industry and assist the Leesburg has received a Certificate of expansion of existing business in Leesburg Achievement for the last eight consecutive has been significant. The City has years (fiscal years ended 1990-1997). I developed strategies to diversify its service believe our current report continues to based job economy by creating more conform to the Certificate of Achievement semi-skilled and skilled positions at higher Program requirements, and I am submitting it I wages. By doing so, the City also hopes to to the GFOA to determine iis eligibility for enhance property values and to stabilize another Certificate. taxes. 19
I March 25,1999 I Acknowledgments A comprehensive annual financial report I of this nature could not have been prepared without the efficient and dedicated service of 1 all staff members involved. I would like to
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express my appreciation to the staff of the Finance Division of the Office of the City B Clerk / Finance Director for their efforts in 5 producing this report, and to the accounting firm of Purvis Gray and Company for their 3' contributions to the design, preparation and 5 publication of this document. Finally, my thanks for the interest and support of the City. E Commission and the City Manager in E planning and conducting the fiscal operations of The City of Leesburg. Respectfully submitted, Thomas P. Klinker, CPA, CGFO City Clerk / Finance Director I I I I I I I 20 I J
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I I I I I I I The Government Financial Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Leesburg, Florida for its Comprehensive Annual Financial Report for the fiscal year ended September 30,1997. The Certificate of Achievement is the highest form of recognition for excellence in state and local government financial reporting. In order to be awarded a Certificate of Achievement, a governmental unit must publish an easily readable and efficiently organized Comprehensive Annual Financial Report, whose contents conform to program g standards. Such reports must satisfy both generally accepted accounting principles and applicable legal B requirements. A Certificate of Achievement is valid for a period of one year only. We believe our current report continues to conform to the Certificate of Achievement Program requirements, and we are submitting it to GFOA. I I I I I 22 I
o Certo..cate or Achievement for Exce:lence in Financial I Reporting l Presented to j City of Leesaurg, F orica l For its Comprehensive Annual g Financial Report B for the Fiscal Year Ended September 30,1997 i A Certificate of Achievement for Excellence in Financial Reporting is presented by the Government Finance Officers Association of the United States and Canada to l5 government units and public employee retirement systems whose comprehensive annual financial reports (CAFRs) achieve the highest standards in government accounting I and financial reporting. 1 O0 k ab""j 2%President
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FINANCIAL SECTION
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+ Report ofIndependent Auditors A
+ General Purpose Financial Statements Q
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+ Combining Statements-By Fund Type
<+ Schedules A
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Purvis Gray & Company INDEPENDENT AUDITORS' REPORT Honorable City Commission City of Leesburg Leesburg, Florida We have audited the accompanying general-purpose financial statements of the City of Leesburg, Florida, as of and for the year ended September 30,1998, as listed in the table of contents. These general-purpose financial statements are the responsibility of the City of Leesburg, Florida's management. Our responsibility is to express an opinion on these ger'eral-purpose financial statements based on our audit. Our audit was made in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the general-purpose financial statements referred to above present fairly, in all material respects, the financial position of the City of Leesburg, Florida at September 30,1998, and the results of its operations and the cash flows of its proprietary fund types for the year then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated December 31, 1998, on our consideration of the City of Leesburg, Florida's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants. Our audit was made for the purpose of forming an opinion on the general-purpose financial statements of the City of Leesburg, Florida taken as a whole. The required supplementary information listed in the table of contents is not a required part of the general-purpose financial statements but is supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the supplementary information. However, we did not audit the information and express no opinion on it. The combining and individual fund and account group financial statements and schedules listed in the table of contents are presented for purposes of additional analysis Certified PubllC Accountants P.O. Box 23999 e 222 N E.1st Street e Gaine$ville, Florida 32602 e (352) 378-2461 e FAX (352) 378-2505 Laurei Ridge Professional Center 2347 S.E.17th Street e OCala, Florida 34471 e (352) 732-3872 e FAX (352) 732-0542 443 East College Avenue e Tallahassee, Florida 32301 e (850) 224-7144 FAX (850) 224-1762 l 1727 2" Street
- Sarasota, Florida 34238 e (941) 365-3774 FAX (941) 365-0238 WEMBERS OF AMERICAN AND FLORIDA INSTITUTES OF CERTIFIED PUSUC ACCOUNTANTS MEMBER oF AMERICAN INSTITUTE oF CERTIFIED PUBUC ACCOUNTANTS PRIVATE COMPANIES AND S.E C. PRACTICA SECTIONS l
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I Ilonorable City Commission City of Leesburg Leesburg, Florida INDEPENDENT AUDITORS' REPORT (Concluded) and are not a required part of the general-purpose financial statements of the City of Leesburg, Florida. Such information has been subjected to the auditing procedures applied in the audit of the general-purpose financial statements and,in our opinion, is fairly stated in all material respects in relation to the general-purpose financial statements taken as a whole. The information presented in the statistical section is presented for the purposes of additional analysis and is not a required part of the general-purpose financial statements. Such information I as not been subjected to the auditing procedures applied in the audit of the general-purpose financial statements and, accordingly, we express no opinion on it. December 31,1998 - Ocala, Florida g$f l l l 25
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I I I l I , g I I GENERAL-PURPOSE FINANCIAL STATEMENTS I l I ! l I I I I I I I
I COMBINED BALANCE SIIEET ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30,1998 CITY OF LEESBURG, FLORIDA I Governmental Fund Types General Special Revenue Debt Service Capital Projects I Assets and Other Debits g Equity in Pooled Cash and Cash g Equivalents $ 3,794,067 $ 1.126,350 $ 908,260 Cash and Investments With Trustees Receivables: l, Customer Accounts: E Unbilled 42,590 Billed 30,723 Allowance For Doubtful Accounts (9,614) Accrued Interest Other 48,955 18,088 Prepaid Items 19,461 Due From Other Funds 239,812 Due From Other Governments 207.143 135,204 $ 514,568 Inventory 16,385 Restricted Assets: l 3 Equity in Pooled Cash and Cash Equivalents 597,051 Investments Notes Receivable - Employees 199,525 Property, Plant and Equipment = General Fixed Assets (Accumulated Depreciation) E Construction in Progress g Unamortized Bond Issue Costs Amount Available in Debt Service Funds Amount to Be Provided For Retirement of General Long-Term Debt Total Assets and Other Debits 4,525,348 $ 1,343,341 $ 908,260 $ 1,111,619 I; I I l See accompanying notes. I' 26 Il
I (Page 1 of 2 Pages) l I Fiduciary Totals Proprietary Fund Types Fund Types Account Groups (Memorandum Only) l Enterprise Internal Trust and General Fixed General Long-Term Service Agency Assets Debt 1998 1997 I $ 35,884,164 $ 3,390,028 $ 45,102,869 $ 41,352,524
$ 36,823,300 36,823,300 35,367,170 2,956,285 2,998,875 2,945,782 3,365,732 3,396,455 3,528,533 (551,883) (561,497) (495,208) 1 117,717 128,534 246,251 567,346 57,935 124,978 97,608 19,461 17,973 266,880 506,692 333,600 19,503 876,418 458,640 1,268,691 33,092 1,318,168 1,505,318 1 9,007,748 9,604,799 8,719,538 5,642,026 5,642,026 5,251,051 199,525 256,701 I 100,085,236 168,959 100,254,195 99,965,747
$ 28,563,884 28,563,884 25,883,212 (39,917,993) (132,358) (40,050,351) (36,450,060) 2,797,548 2,797,548 401,887 142,157 142,157 170,315
$ 755,880 755,880 740,880 5,272,520 5,272,520 5,168,533
$ 121,083,811 $ 3.517,656 $ 36,951,834 $ 28,563,884 $ 6,028,400 $ 204,034,153 $ 195,787,090 (Continued) i i
I i See accompanying notes, p 27 l k .i e
n I COMBINED BALANCE SIIEET ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30,1998 CITY OF LEESBURG, FLORIDA (Concluded) Governmental Fund Types I Special Debt Capital General Revenue Service Projects Liabilities, Fund Equity and Other Credits Liabilities Accounts Payable $ 220,361 $ 129,991 $ 66,759 Accrued items 462,672 Customer Advances For Construction Due to Other Governments 95,345 l W Due to Other Funds 31,074 208,738 Payable From Restricted Assets: g Customer Deposits Accrued Interest on Revenue Bonds 5 Current Portion - Revenue Bonds Claims Payable g Notes Payable 3 Capital Lease Payable Matured Interest Payable 152,380 Revenue Bonds Payable - Net Compensated Absences l W Suit Settlement Payable 534,000 Unearned Revenues 227,064 11,811 g Landfill Postclosure Costs Payable Decommissioning Costs Payable 5 Total Liabilities 1,444,097 256,410 152,380 287,308 Fund Equity and Other Credits Contributed Capital Investment in General Fixed Assets Retained Earnings: Reserved l W Unreserved Fund Balances: Reserved For Employee Benefits Other Reserves 334,391 328,901 755,880 824,311 Unreserved 2,746,860 758,030 Total Fund Equity and Other Credits 3,081,251 1.086,931 755,880 824,311 Total Liabilities, Fund Equity and Other Credits $ 4,525.348 $ 1,343,341 $ 908,260 $ 1,111,619 I See accompanying notes, I 28 I
I-(Page 2 of 2 Pages) E Fiduciary Totals Proprietary Fund Types Fund Types Account Groups (Alemorandum Only) General General Internal Trust and Fixed Long-Term I Enterprise Service Agency Assets Debt 1998 1997 I $ 2,188,882 $ 36,200 $ 2,642,193 $ 2,556,249 1,228,043 123,082 $ 128,482 1,942,279 1,727,715 92,397 92,397 126,370 I 266,880 95,345 506,692 39,111 333,600 1,950,651 1,950,651 1,897,448 I 640,031 640,031 677,636 1,159,999 1,159,999 1,090,000 488,194 I 488,194 446,298 1,155,000 1,155,000 1,490,000 49,167 49,167 145,673 152,380 158,890 I 18,708,681 $ 4,415,000 1,343,400 270,000 23,123,681 1,343,400 804,000 24,205,630 1,284,413 0 238,875 184,074 I 918,561 2,661,610 31,019,902 647,476 128,482 5 0 6,028,400 918,561 2,661,610 39,964,455 2,348,830 39,700,569 988,632 I 21,978,165 15,979 28,563,884 21,994,144 28,563,884 21,188,315 25,883,212 8,413,136 2,798,489 11,211,625 10,605,212 59,672,608 55,712 59,728,320 55,953,957 I 36,823,352 36,823,352 2,243,483 3,504.890 35,568,250 2,382,524 4,505,051 90,063,909 2,870,180 36,823,352 28,563,884 0 164,069,698 156,086,521
$ 121,083,811 5 3,517,656 $ 36,951,834 $ 28,563,884 5 6,028,400 $ 204,034,153 $ 195,787,090 1
1 I l See accompanying notes, 29
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3 I COMBINED STATEMENT OF REVENUES, EXPENDITURES AND il1l CIIANGES IN FUND BALANCES - BUDGET AND ACTUAL ALL GOVERNMENTAL FUND TYPES g FOR TIIE YEAR ENDED SEPTEMBER 30,1998 g CITY OF LEESBURG, FLORIDA General Variance Favorable l' Budget Actual (Unfavorable) W Revenues Taxes $ 3,174,200 $ 3,140,104 $ (34,096) g Licenses and Permits Intergovernmental 284,800 746,900 273,436 775,405 (11,364) 28,505 g Charges For Services 417,700 409,059 (8,641) Fines and Forfeitures 280,300 298,233 17,933 3 Miscellaneous: g Interest 247,100 238,946 (8,154) Odier 2,955,900 2,934.714 (21,186) Total Revenues 8,106,900 8,069,897 (37,003) Expenditures Current: g General Government Public Safety 4,550,657 5,846,249 4,446,495 6,096,292 104,162 (250,043) g Physical Environment 405,920 373,910 32,010 Transportation 779,931 595,606 184,325 g Economic Development 136,378 48,845 124,208 47,999 12,170 g Iluman Services 846 Culture / Recreation 2,930,918 2,807,600 123,318 Capital Projects l Debt Service: 3 Principal Interest (Total Expenditures) (14,698,898) 206,788 (14.492.11}) (Deficiency) Excess of Revenues (Under) Over Expenditures (6,591,998) (6,422,213) 169,785 Other Financing Sources (Uses) Operating Transfers In 5,344,908 5,343,016 (1,892) Operating Transfers Out (100,468) (98,999) 1,469 Total Other Financing Sources (Uses) 5,244,440 5,244,017 (423) (Deficiency) Excess of Revenues and Other Financing Sources (Under) Over (1,347,558) (1,178,196) 169,362 l W Expenditures and Other Financing Uses Fund Balances, Beginning of Year 1,347,558 4,257,502 2,909,944 Prior Period Adjustment 0 1.945 1,945 Fund Balances, End of Year $ 0 $ 3,081,251 $ 3,081,251 See accompanying notes, 31 I-
i Special Revenue Debt Service Capital Projects Variance Variance Variance Favorable Favorable Favorable Budget Actual (Unfavorable) Budget Budget Actual Actual' _ (Unfavorable) (Unfavorable)
$ 939,557 $ 998,768 $ 59,211 I $1,525,375 $1,227,869 $ (297,506) $ 495,600 $ 488,729 $ (6,871) 1,585,573 700,424 (885,149) 577,800 578,928 1,128 I 67,000 59,342 (7,658) 38,500 41,931 3,431 48,200 44,742 (3,458) 40,988 205,874 164,886 2,170,175 1,866.139 (304,036) 534,100 530,660 (3,440) 2,614,318 1,949,808 (664,510)
I 802,628 509,965 292,663 1,813,164 1,211,039 602,125 3,359,918 2,172,578 1,187,340 210,000 210,000 324,100 305,960 18,140 (2,615,792) (1,721,004) 894,788 (534.100) (515,960) 18,140 (3,359,918) (2,172,578) 1,187,340
'(445,617) 145,135 590,752 0 14,700 14,700 (745,600) (222,770) 522,830 I
171,718 98,999 (72,719) 171,718 98,999 (72,719) 0 0 0 0 0 0 (273,899) 244,134 518,033 0 14,700 14,700 - (745,600) (222,770) 522,830 273,899 842,531 568,632 0 740,880 740,880 745,600 1,046,662 301,062 0 266 266 0 300 300 0 419 419 _
$ 0 $1,086,931 $ 1,086,931 5 0 $ 755,880 $ 755,880 $ 0 $ 824,311 $ 824,311 See accompanying notes.
32
,, . ___._____--__--a
I COMBINED STATEMENT OF REVENUES, EXPENSES AND CIIANGES IN RETAINED EARNINGS ALL PROPRIETARY FUND TYPES g FOR TIIE YEAR ENDED SEP'IBIBER 30,1998 5 CITY OF LEESBURG, FLORIDA Proprietary Totals Fund Types (Memorandum Only) Internal Enterprise Service 1998 1997 l W Operating Revenues Charges For Services $ 49,242,584 $ 2,591,996 $ 51,834,580 $ 49,435,068 Other Operating 689,954 689,954 710,727 Total Operating Revenues 49,932,538 , 2,591.996 52,524,534 50,145,795 Operating Expenses Power Generation and l Transmission 2,108,391 2,108,391 1,589,723 5 Purchased Energy 22,964,284 22,964,284 23,102,398 Operating and Maintenance 9,590,227 571,885 10,162,112 8,892,244 g Generaland Administrative Depreciation and Amortization 2,219,442 4,503,585 132,215 9,194 2,351,657 4,512,779 2,512,647 3,408,271 g Claims Expense 1,830,572 1,830,572 1,215,618 Change in Pouclosure Estimate (70,071) (70,071) 125,196 g
- (41,315,858)
~
(Total Operating Espenses) (2,543,866) (43,859,724) (40,846,097) 3 Operating Income 8.616,680 48,130 8,664,810 9.299,698 Nonoperating Revenues (Expenses) Interest Earnings 2,832,593 197,558 3,030,151 2,693,832 Interest Expense (1,767,753) (1,767,753) (1,832,106) g Chhcr income and Expenses (374,743) (374,743) 92,673 g Total Nonoperating Revenues (Expenses) 690,097 197,558 887,655 954,399 Income Before Operating Transfers 9.306,777 245,688 9,552,465 10,254,097 Operating Transfers (Out) (4,839,396) (503,620) (5,343,016) (5,505,110) Net income 4,467,381 (257,932) 4,209,449 4,748,987 Retained Earnings, Beginning of Year 63,448,398 3,110,771 66,559,169 61,810,182 Prior Period Adjustment 169,965 1,362 171,327 0 Retained Earnings, End of Year S 68,085,744 5 2,854,201 $ 70,939,945 $ 66,559,169 See accompanying notes. 33 I) 1 _-_-________ - _ - _____ - _-___-___ A
COMBINED STATEMENT OF CASII FLOWS l ALL PROPRIETARY FUND TYPES I FOR TIIE YEAR ENDED SEPTEMBER 30,1998 CITY OF LEESBURG, FLORIDA Proprietary I Fund Types Internal Totals (Memorandum Only) Enterprise Service 1998 1997 Net Cash Prosided By Operating Activities $ 13,181,420 $ 225,617 $ 13,407,037 $ 13,310J56 Cash Flows From Noncapital Financing Activities I Operating Transfers (to) Other Funds (4,839,396) (503,617) (5,343,013) (5,505.110) Cash Flows From Capital and Related Financing Activities I Interest Paid on Capital Leases and Notes Payable (68,322) (68,322) (78,047) Interest Paid on Revenue Bonds (1,420,828) (1,420,828) (1,497,122) l Acquisition and Construction of Capital Assets Principal Paid on Capital Lease (3,267,557) (96,506) (16,260) (3,283,817) (96,506) (5,573,453) (110,226) Principal Paid on Bond Maturities (1,090,000) (1,090,000) (1,020,000) Principal Paid on Note Payable (335,000) (335,000) (315,000) l Capital Contributed Net Cash (Used In) Capital and Related 805,828 805,828 682.158 Financing Activities (5,472,385) (l6,260) (5,488,645) (7,911,690) Cash Flows From Investing Activities Interest on Investments 2,724,016 198,917 2,922,933 2,699,276 i Purchase of Crystal River Decommissioning Investments Net Cash Provided By investing Activities (112,432) 2,611.584 198,917 (112,432) 2,810,501 (160,412) 2,538,864 Net Increase (Decrease) in Cash and Cash Equivalents 5,481,223 (95,343) 5,385,880 2,432,620 Cash and Cash Equivalents, Beginning of Year 39,410,689 3,536,740 42,947,429 40,514,809 Cash and Cash Equivalents, End of Year $ 44,891,912 5 3,441,397 $ 48,333,309 $ 42,947,429 Reconciliation of Cash and Cash Equivalents (Above) to Combined Balance Sheet Current Assets I Equity in Pooled Cash and Cash j Equivalents $ 35,884,164 $ 3,441,397 $ 39,325,561 5 35,026,163 Restricted Assets Equity in Pooled Cash and Cash Equivalents 9,007,748 9,007,748 7,921,266 Cash and Cash Equivalents, End of Year $ 44,891,912 $ 3,441,397 $ 48,333,309 $ 42,947,429 (Continued) See accompanying notes. l 34
I COMBINED STATEMENT OF CASII FLOWS ALL PROPRIETARY FUND TYPES FOR TIIE YEAR ENDED SEPTEMBER 30,1998 g CITY OF LEESBURG, FLORIDA 5i (Concluded) Proprietary Totals Fund Types (Memorandum Only) Internal Enterprise Service 1998 1997 l W Reconciliation of Operating Income to Net Cash Provided By Operating Activities Operating income $ 8,616,680 $ 48,130 $ 8,664,810 $ 9,299,698 g1 Adjustments to Reconcile Operating g Income to Net Cash Provided By Operating Activities: 4,503,585 9,194 4,512,779 3,408,271 Depreciation and Amortization 166,027 166,027 75,420 Bad Debt Expense 355,505 355,505 223,796 Nonoperating Income (730,248) (730,248) (131,123) - Nonoperating Expense (70,071) (70,071) 125,196 Change in Postclosure Estimate (Increase) Decrease in Customer (20,764) (20,764) 195,601 Accounts (Increase)in Due From Other (19,503) (19,503) 0 5 g Governments Decrease (Increase) in Prepaids 7,500 7,500 (7,500) Decrease (Increase)in inventory 176,992 11,207 188,199 (233,702) Decrease (Increase) in Miscellaneous " 33,060 33,060 (34,308) Receivables Increase in Accounts Payable 39,538 39,538 206,890 Increase (Decrease) in Claima l'ayable 41,896 41,896 (11,875) g Increase (Decrease)in Accrued Expenses 144,449 74,630 219,079 (96,500) g (Decrease)in Customer Advances For Construction (33,973) (33,973) (46,618) 53,203 337,310 Incicase in Customer Deposits 53,203 13,181,420 $ 225,617 $ 13,407,037 $ 13,310,536 l
=
Net Cash Provided By Operatirig Activities 5 Significant Transactions Not Affecting Cash Water and Sewer Lines Contributed By 0$ 0 $ 0 $ 299,961 I Developers $ I I, I: See accompanying notes. 35 1
i l COMBINING STATEMENT OF ADDITIONS, DELETIONS AND CIIANGES IN PLAN NET ASSETS PENSION TRUST FUNDS FOR TIIE YEAR ENDED SEPTEMBER 30,1998, WITII COMPARATIVE TOTALS FOR SEPTEMBER 30,1997 CITY OF LEESBUIIG, FLORIDA Pension Trust Funds Municipal Municipal Police Firemen's General Totals Retirement Retirement Employees' Trust Trust Retirement 1998 1997 Additions Contributions: Employer $ 89,182 $ 734,290 $ 823,472 $ 780,841 Employee $ 185,070 77,291 262,361 201,860 State of Florida 116,718 97,055 213,773 179,643 Total Contributions 301.788 263,528 734,290 1,299,606 13 62,344 Investment income: Unrealized Increase (Decrease) in Fair Value ofInvestments 226,542 585,707 (653,154) 159,095 5,613,233 Interest and Dividend Income 294,362 262,012 574,735 1,131,109 1,027,987 Other income (Loss) 3,805 8,885 (6,162) 6,528 840 TotalInvestment income (Loss) 524,709 856,604 (84,581) 1,296,732 6,642,060 Total Additions 826,497 1,120,132 649,709 2,596.338 7,804,404 Deletions Benefit Payments 155,010 220,167 656,310 1,031,487 891,991 Administrative Expenses __ 66,767 60,820 182,162 309,749 233,631 (Total Deletions) (221,777) (280,987) (838,472) (1,341,236) (1,125,622) Net increase (Decrease) 604,720 839,145 (188,763) 1,255,102 6,678,782 I Net Assets IIeld in Trust For Pension Benefits: Beginning of Year 6,934,815 7.238,386 21,395,049 35,568,250 28,889,468 End of Year $ 7,539,535 $ 8,077,531 $ 21,206,286 $ 36,823,352 $ 35,568,250 [ See accompanying notes. 36 ~. . ..
I NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30,1998 CITY OF LEESBURG, FLORIDA E. gI Note 1 - Summary of Significant Accounting Policies l 4 The City of Leesburg, Florida (the City) is a Florida municipality governed by an elected five-member City Commission. The City was established by the adoption of its Charter in the Laws of Florida, Chapter 9820,1923. The City provides services to its citizens including fire a and police protection, electric, gas, water, wastewater, sanitation, parks and recreation, g streets, and other general governmental activities. The City Commission is governed by the City Charter and by state and local laws and regulations. The City Commission is responsible for the establishment and ado.ption of policy. The execution of such policy is the responsibility of the Commission-appointed City Manager. The accounting policies of the City conform to generally accepted accounting principles for governmental entities. The following is a summary of significant accounting policies. Reporting Entity The accompanying general-purpose financial statements present the fmancial position, results of operations and cash flows of the applicable fund types and account groups governed by the City Commissien of the City in accordance with governmental accounting standards. The E reporting entity for the City (the primary government) contains one separate legal entity 5-(component unit) for which the City Conunission has financial accountability. Financial accountability is present if the City Commission appoints a voting majority of a component g unit's governing body and has the ability to impose its will on that organization or if there is 3 a potential for the organization to provide specific fmancial benefits to, or impose specific financial burdens on, the City, g 3 The City established the Greater Leesburg Community Redevelopment Agency as a component unit of the City. The Greater Leesburg Community Redevelopment Agency is accounted for g. as a blended special revenue fund in the accompanying general-purpose financial statements. gj Separate financial statements are not issued for the Greater Leesburg Community Redevelopment Agency. I;t Basis of Presentation { The City maintains its accounting records in accordance with the principles and policies applicable to governmental units set forth by the Governmental Accounting Standards Board (GASB), as well as generally accepted accounting principles (GAAP) as promulgated by the American Institute of Certified Public Accountants and the Financial Accounting Standards Board (FASB). The proprietary funds do not apply FASB statements and interpretations issued after November 30,1989. Fund Accounting E'l The accounting system and financial reports of the City are organized and operated on a fund u basis. A fund is defined as a fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual n I I!
I NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) I Note 1 - Summary of Significant Accounting Policies (Continued) Fund Accounting (Concluded) equities or balances, and changes therein which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations. Fund and Account Group Categories The categories of funds and account groups of the City are summarized as follows: Governmental fund types are those through which most government functions typically are I financed. The acquisition, use, and balances of expendable financial resources and the related current liabilities (except those accounted for in the proprietary funds) are accounted for through governmental type funds. Governmental funds used by the City are as follows: a General Fund - To account for all financial resources which are not required to be accounted for in another fund. m Special Revenue Funds - To account for the proceeds of specific revenue sources that are restricted to expenditures for specified purposes. m Debt Service Fund - To account for the accumulation of resources for, and the payment of, principal and interest for general long-term debt. m Capital Projects Funds - To account for financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by proprietary funds and trust funds). Proprietary funds types are used to account for the City's ongoing activities which are similar to those found in the private sector. m Enterprise Funds - To account for activities that are operated in a manner similar to private businesses where the costs of providing goods and services are primarily recovered through user charges.
- Internal Service Funds - To account for the financing of goods and services provided by one department to other departments of the City on a cost-reimbursement basis.
Fiduciary fund types are used to account for assets held in a trustee capacity for others. m Pension Trust Funds - To account for the accumulation of resources to be used for retirement payments to employees. I 38 I
I NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) Note 1 - Summary of Significant Accounting Policies (Continued) Fund and Account Group Categories (Concluded) Account groups record and control the City's general fixed assets and general long-term debt. The account groups are not funds and do not reflect available financial resources and related liabilities. The following account groups are maintained by the City: a General Fixed Assets - To account for property and equipment not used in proprietary fund operations. m General Long-Tenn Debt - T secount for unmatured principal of long-term special obligation indebtedness, notes and capital leases payable, and compensated absences which are not the specific liability of a proprietary fund. Measurement Focus Governmental fund types (general, special revenue, debt service and capital projects funds) are accounted for on a " spending" or " financial flow" measurement focus. This means that only current assets and current liabilities are generally included on the balance sheets. Reported fund balance (net current assets) is considered a measure of "available, spendable, or appropriable resources." Governmental fund type operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) g in net current assets, a Proprietary fund types are accounted for on a " cost of services" or " capital maintenance" 5 measurement focus. This means that all assets and all liabilities (whether current or 3 noncurrent) associated with its activity are included on its balance sheet to provide an indication of the economic net worth of the funds. The reported fund equity (net total assets) g is segregated into contributed capital and retained earnings components. The proprietary fund g types operating statement presents increases (revenues) and decreases (expenses) in net total assets. Pension trust funds are accounted for like proprietary funds. Agency funds are custodial in nature (assets equal liabilities) and do not involve a measurement of results of operations. Basis of Accounting Governmental fund type revenues and expenditures are recognized on the modified accrual basis. This method recognizes revenues in the accounting period in which they become available and measurable. Expenditures are recognized in the period in which the fund liability is incurred (except unmatured interest on general long-term debt, which is recognized when due). Governmental fund type revenues that are susceptible to accrual include property taxes, franchise fees, federal and state revenue sharing revenues, and reimbursements from grants for authorized expenditures through September 30. 39 I
I I NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) Note 1 - Summary of Significant Accounting Policies (Continued) I Basis of Accounting (Concluded) Proprietary fund revenues and expenses are recognized on the accrual basis. Revenues are recorded when earned, and expenses are recorded when incurred. Fiduciary funds of the City consist of pension trust funds which are accounted for on the accrual basis. Transfers Transfers are recognized in the accounting period in which the interfund receivable and payable arise. Transfers are made from the utility funds to finance operations of the general fund, and the general fund makes transfers to the special revenue, debt service and capital projects funds. Grants-Proprietary Funds Unrestricted grants, entitlements or shared revenues received are repcrted as nonoperating revenues. Such resources externally restricted for capital acquisitions or construction are reported as contributed capital. Cash Equivalents I For purposes of the statement of cash flows, the City considers all highly liquid investments held outside of the City's pooled cash system (including restricted assets) with a maturity of three months or less when purchased to be cash equivalents. All cash and investments held
. by the pooled cash system are considered cash equivalents for the cash flow statement.
Investments I In all funds, investments are stated at market value. During 1998, the City implemented GASB Statement No. 31, via a prior period adjustment to adjust the carrying value of all investments from amortized cost to market value. Receivables Utility operating revenues are generally recognized on the basis of cycle billings rendered I monthly. The amount of services delivered after the last billing date and up to September 30 is estimated and accrued at year end. Inventories Inventories held by the utility, sanitation sen' ices and motor pool funds are priced by the weighted average cost method at the lower of cost or market. Inventory shown in the general fund consists of fuel held for consumption. General fund inventories are valued at cost as determined on the first-in, first-out (FIFO) method. Inventory is accounted for by use of the consumption method. I I a I
1 l NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA 4 (Continued) Note 1 - Smnmary of Significant Accounting Policies (Continued) Amortization Bond issue costs and discounts are amortized over the life of the bonds using the effective interest method. Cost Reimbursements Certain personal services and operating expenses recorded in various funds and departments I{ are a result of services performed and expenses / expenditures incurred for the benefit of other funds and departments. Cost reimbursements are recorded as nonrevenue receipts in the receiving fund. The funds and departments that benefit from the services and expenses / expenditures record a cost reimbursement as an increase in expenditures or expenses. Proprietary Fund Fixed Assets Proprietary fund fixed assets are recorded at historical cost. Donated fixed assets are recorded g at fair market value on the date received. Depreciation is computed by the straight-line 3 method over the estimated useful lives of the assets as follows: Description Useful Lives I Buildings 10 to 50 Years g Improvements Other Than g Buildings 20 to 50 Years Vehicles and Equipment 5 to 10 Years General Fixed Assets General fixed assets purchased are recorded as expenditures in the governmental fund types at the time of purchase. Such assets are capitalized at cost in the general fixed assets account I group. The City's policy is not to capitalize public domain fixed assets such as streets, right- f of-ways, sidewalks, drainage systems and similar assets. Donated fixed assets are valued at { their estimated fair market value at the time of acquisition. Depreciation is not provided on general fixed assets. Compensated Absences I The City accrues accumulated compensated absences for governmental and proprietary funds. Compensated absences are recorded in the governmental fund types as an expenditure for the E amount accrued during the year that would normally be liquidated with expendable available 5 financial resources. The remainder of the liability is reported in the general long-term debt account group. The proprietary funds accrue compensated absences in the period they are g earned. Personnel policies allow employees to accumulate a maximum of 90 days vacation g leave and unlimited sick leave. Upon termination, employees are paid for their accrued vacation leave and 25 % of their accrued sick leave balance up to 200 hours. Upon retirement, gl employees are paid for their accrued vacation and 50% of their accrued sick leave balance up 31 to 400 hours. 41 I
NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLOR.lDA (Continued) Note I - Summary of Significant Accounting Policies (Continued) Encumbrances Encumbrances represent contractual conunitments in the form of purchase orders and contracts. Such encumbrances are not recorded as current year expenditures. They will become expenditures upon vendor performance and will be charged against the ensuing year's budget. Encumbrances outstanding at year end are deemed canceled and amounts sufficient to re establish the commitment are included in the appropriations for the subsequent year. Reserves Fund balances and retained earnings are reserved as follows: General Fund Reserved For Notes Receivable Employees $ 199,525 Reserved For Police Education and Other Expenditures 134,236 Reserved For Citizens Utility Relief Effect (C.U.R.E.) 630 Total General Fund $ 334.391 Special Revenue Funds l Reserved For Conununity Redevelopment $ 227,689 Reserved For Capital Improvements 47,575 Reserved For Housing Assistance 53,637 Total Special Revenue Funds $ 328,901 Debt Service Fund Reserved For Retirement of Debt $_755,880 Cnpital Projects Funds Reserved For Construction $ 824,311 Enterprise Funds Retained earnings are reserved as follows: Debt Service $ 4,029,735 Renewal and Replacement 4.383,401 Total Enterprise Funds S 8,413,136 Internal Service Funds I Retained earnings are reserved as follows: Reserved For Self-Insured Employee IIealth Insurance $ 1,306,731 Reserved For Self-Insured Workers' Compensation Insurance 1,491,758 1 Total Internal Service Funds $ 2,798,489 I I 42 l L P
I NOTES TO FINANCIAL STATEMENTS CITY OF 1.EESBURG, FLORIDA (Continued) , Note 1 - Summary of Significant Accounting Policies (Continued) Budgeting The City's procedures in preparing and adopting the annual budget are as follows: a The City Manager is responsible for preparing a proposed operating budget for all governmental funds for the upcoming year prior to September 30, that includes estimated revenues, proposed expenditures, and other financing sources and uses. m Public hearings are held to obtain taxpayer comments and suggestions. The budget is enacted through passage of a resolution. m The City Manager is authorized to transfer budgeted amounts within any fund, but may not revise total fund expenditures without the approval of the City Commission. The budgetary data presented is in agreement with the originally adopted budget as amended E by the City Commission. 5 m Formal budgetary integration is employed as a management control device during the year 3 for substantially all funds, Budgets are adopted on a basis consistent with generally E accepted accounting principles. Total budgeted appropriations within a governmental fund type may not be exceeded legally, Appropriations lapse at the end of the year, Budget g data, when presented in the general-purpose financial statements, is prepared on the same 5 basis of accounting as that prescribed for the fund, During the year, the City made supplemental budget appropriations which increased or
'- decreased the budgets as indicated below: {
l Original Final Increase Adopted Amended (Decrease) General Fund $ 14,316,188 $ 14,799,366 5 483,178 Special Re"enue Funds 4,428,234 2,735,634 (1,692,600) l Debt Servic e Fund 532,300 534,100 1,800 g, Capital Pujects Funds 3,722,888 3,359,918 (362,970) 1 Total Governmental Funds $ 22,999,610 $ 21,429,018 $ (1,570,592) s Total Columns on Combined Statements Total columns on the combined statements are captioned " Totals (Memorandum Only)" to f indicate that they are presented only to facilitate financial analysis The data in these columns j does not present financial position, results of operations, or cash flows in conformity with l generally accepted accounting principles. Neither is such data comparable to a consolidation. l Interfund eliminations have not been made in the aggregation of this data. l 1 l I'
NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) Note 1 - Sununary of Significant Accounting Policies (Concluded) Property Taxes Under Florida law, the assessment of all properties and the collection of all county, municipal and school board property taxes are consolidated in the offices of the County Property Appraiser and County Tax Collector. The laws of the state regulating tax assessment are also designed to assure a consistent property valuation method statewide. Florida Statutes permit I municipalities to levy property taxes at a rate of up to 10 mills. The tax levy of the City is established by the City Commission prior to October 1 of each year and the Lake County Property Appraiser incorporates the City millages into the total tax levy, which includes the County and the County School Board tax requirements. All property is reassessed according to its fair market value January 1 of each year. Each I assessment roll is submitted to the Executive Director of the Florida Department of Revenue for review to determine if it meets all of the appropriate requirements of the Florida Statutes. Taxes are assessed on November 1 of each year or as soon thereafter as the assessment roll I is certified and delivered to the County Tax Collector. Unpaid taxes become delinquent on April 1 following the year in which they are assessed. Discounts are allowed for early payment at the rate of 4% in the month of November, 3 % in the month of December, 2 % in I the month of January, and 1% in the month of February. The taxes paid in March are without discount. On or prior to June I following the tax year, certificates are sold for all delinquent taxes on real property. After sale, tax certificates bear interest of 18% per year or any lower rate bid by the buyer. Application for a tax deed on any unredeemed tax certificates may be made by I the certificate holder after a period of two years. Unsold certificates are held by the County. Delinquent taxes on personal property bear interest of 18% per year until the tax is satisfied either by seizure and sale of property or by the five-year statute of limitations. The City does not accrue its portion of the County held tax sales certificates or personal property tax warrants because such amounts are not measurable and available as of the balance sheet date. Note 2 - Deposits and Investments t Pooled Cash and Investments The City maintains a cash and investment pool which carries substantially all cash and investments of the City, and is used by all funds except the pension trust funds and agency fund. Each fund's portion of the pool is displayed in the accompanying general-purpose financial statements as " Cash and Investments." The cash and investments of the pension trust funds are held separately from those other funds of the City. B 44 i H P
r I NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) Note 2 - Deposits and Investments (Continued) Deposits All of the City's deposits are maintained in banks and financial institutions which are covered by the Florida Security for Public Deposits Act (the Act); Chapter 280 of the Florida Statutes. The Act established a multiple financial institution collateral pool with the ability to assess member institutions to satisfy the claims of governmental entities if any member financial institution fails, This ability to assess provides protection which is similar to depository insurance. At September 30,1998, the carrying amount of the City's deposits was $350,555 and the bank balance was $549,972. Investments Florida Statutes, the City Charter and investment policies authorize the investment of funds in time deposits or savings accounts of financial institutions approved by the State Treasurer, and obligations of the U.S Government and its agencies and mutual funds. Investments may also include repurchase agreements and deposits with the State Board of Administration pool, Revenue bond covenants also restrict the type and maturities of investments in bond-related funds, Investments of the manicipal police officers' retirement trust fund may be held in bonds, stocks, or other evidence of indebtedness issued or guaranteed by a corporation under the laws g of the United States provided the corporation meets certain rating and profitability criteria. 3 Investments of the municipal firemen's retirement trust fund and the general employees' pension fund may be invested in accordance with Florida Statutes as previously described. A summary of the carrying amoutit and market value of all City investments classified by category of credit risk follows: Category of Risk Carrying Market 1 2 3 Amount Value Pooled Investments W SunTrust Repurchase Agreement $ 18,503,000 $ 18,503,000 $ 18,503,000 U.S. Treasury Bills, Notes and Bonds 19,328,071 19,328,071 19,328,071 Pension Trust and Agency Fund Investments Corporate Stocks 12,864,243 12,864,243 12,864,243 Corporate Bonds 8,890,312 8,890,312 8,890,312 U.S. Treasury Notes and Municipal Bonds 9,134,072 9,134,072 9,134,072 Total $ 0$ 0 $ 68,719,698 I I 45 Ii < __ _ _ J
I l NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) Note 2 - Deposits and Investments (Continued) Investments (Continued) Carrying Market Amount Value FMPA Crystal River Decommissioning Trust $ 1,612,291 $ 1,612,291 State Board of Administration of Florida, I Local Government Pooled Investment Account Mutual Fund Investments - Pension Investment Collective Trust Funds - Pension investment Total Investments 20,555,777 1,774,456 4,160,217 20,555,777 1,774,456 4,160,217
$ 96,822,439 $ 96,822,439 I Carrying Amount Carrying Amount of Deposits $ 350,555 Carrying Amount of Investments (Above) 96,822,439 Total $ 97,172,994 Shown in the Accompanying Combined Balance Sheets As:
Equity in Pooled Cash and Investments $ 45,102,869 Cash and Investments at Market Value 36,823,300 ' Restricted Assets: Equity in Pooled Cash, Cash Equivalents and Investments 15,246,825 Total $ 97,172.994 Levels of credit risk assigned to the above investments are based on an evaluation in accordance with GASB Statement No. 3 to give an indication of the level of risk assumed at year end, Category 1 includes investments that are insured or registered or for which the securities are held by the City or its agent in the City's name, Category 2 includes uninsured I l and unregistered investments with securities held by the counterparty's trust department or j agent in the City's name, Category 3 includes uninsured and unregistered investments for l which the securities are held by the counterparty, or by its trust department or agent, but not j in the City's name. I The State Board of Administration deposits in Tallahassee, Florida are maintained in an investment pool which invests primarily in commercial paper, repurchase agreements, l bankers' acceptance notes and U.S. Government obligations. The carrying value of the ! investment pool approximates market value, l l 1 I { I 4e l 1 1
E i NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) Note 2 - Deposits and Investments (Concluded) Investments (Concluded) The following pension investments, including U.S. Government and U.S. Government guaranteed obligations, exceed 5% of the net assets available for pension benefits: Percentage of Plan Ii Market Net Assets Municipal Police KeyTrust Money Market $ 381,710 5.03 % KeyTrust Government Securities 1,865,401 24.58 % KeyTrust Corporate Bonds 1,794,594 23.64 % KeyTrust Corporate Stocks 3,548,083 46.75 % Total Municipal Police $ 7,589,788 Municipal Firemen Oppenheimer Money Market $ 597,198 7.42 % Oppenheimer Government Securities 1,938,045 24.09 % Oppenheimer Corporate Stocks 1,348,467 16.76 % Oppenheimer Collective Trust Funds 4,160,217 51.72 % Total Mmdelpal Firemen $ 8,043,927 General Employees SunTrust Corporate Bonds $ 2,285,118 10.79 % SunTrust Corporate Stocks 1,816,258 8.57 % SunTrust Government Bonds - Loomis 4,886,582 23.07 % SunTrust Corporate Bonds - Loomis 4,810,599 22.71 % SunTrust Corporate Stocks - Loomis 6,151,434 29.04 % Total General Employees $ 19,949,991 Note 3 - Fixed Assets A summary of changes in general fixed assets follows: Balance Balance October 1, September 30, g 1997 Additions (Deletions) 1998 g land $ 2,669,931 $ 60,788 $ 2,730,719 Buildings 10,310,911 870,175 $ (21,157) 11,159,929 Improvements Other Than Buildings 6,033,021 290,862 (31,597) 6,292,286 Equipment and Vehicles 5,731,139 1,518,435 (141,859) 7,107,715 Construction in Progress 1,138,210 1,115,850 (980,83 ) 1,273,235 , Total $ 25,883,212 $ 3,856,110 $ (1,175,438) $ 28,563,884 j 47 1 l 1
I i NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) I Note 3 - Fixed Assets (Concluded) I A summary of proprietary fund type property, plant and equipment at September 30,1998, follows: J1 Internal Fnterprise Service Funds Funds Land $ 4,643,047 I- Buildings Improvements Other Than Buildings 5,250,661 $ 68,426,951 24,040 4,359 f Equipment 21,764,577 140,560 l' Total 5 100,085,236 $ 168,959 Note 4 - Interfund Account Individual fund interfund receivable and payable balances at year end are as follows: I Governmental Funds Interfund Receivable Interfund Payable j General $ 239,812 { Community Development S 31,074 ' Capital Project 208,738 ]' Enterprise Funds I Electric Utility Communication Services Total $ 266,880
$06,692 $
266,880 506,692 d Note 5 - Long-Term Liabilities i Bonds Payable I The following is a summary of all long-term liabilities of the proprietary funds at September 30,1998: Refunding Utilities Revenue Bonds, Series 1984; Dated September 1, 1984; Issued on September 27,1984 $ 609,999 Accrued Interest on Series 1984 Capital Appreciation Bonds Through September 30,1996 2,079,889 Refunding Utilities Revenue Bonds, Series 1989; Dated December 1,1998; Issued on January 11,1989; Final Maturity October 1, 2009; Interest , 'g Rates From 5,90% to 7.60% 17,285,000 ' g Total Bonds Payable 19,974,888 (106,207) (Unamortized Discount) (Current Maturities) (1,160,000) Long-Term Portion $ 18,708,681 I 48
I NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) Note 5 - Long-Temt Liabilities (Continued) Bonds Payable (Concluded) The 1984 and 1989 bonds are fully registered bonds in denominations of $5,000 and are collateralized by a pledge of the net revenues of the utilities system. The bond resolutions provide for a current sinking fund, debt service reserve, term bond security purchase agreement, and a renewal aral replacement account. The bonds are callable at various dates from 100% to 105% of face value. Bond maturity dates and debt service requirements for the combined 1984 and 1989 issues are as follows: (Sinking Total Bond E Total Fund Maturities and E Due Debt Service Securities Debt Service October 1, Principal Interest Bonds Income) Requirements 1998 $ 1,160,000 $ 1,280,062 $ 2,440,062 $ (313,913) $ 2,126,149 1999 1,245,000 1,198,863 2,443,863 (313,913) 2,129,950 2000 1,330,000 1,110,468 2,440,468 (313,913) 2,126,555 2001 1,425,000 1,014,708 2,439,708 (313,913) 2,125,795 ! 2002 1,535,000 910,682 2,445,682 (313,913) 2,131,769 Thereafter 16,235,000 3,416,400 19,651,400 (4,746,734) 14,904,666 Total $ 22,300,000 $ 8,931,183 $ 31,861,183 $ (6.316,299) $ 25,544,884 Total Principal Above $ 22,930,000 (Unearned Interest Discount on Capital Appreciation Bonds From October 1,1996 Through October 1,2005) (2,955,112) Total $ 19,974,888 Capital Appreciation Bonds-The 1984 bond issue contains $609,999 of capital appreciation bonds that are subject to mandatory call at October 1, 2000, at $5,645,000. The carrying value of the capital appreciation bonds as of September 30,1998, is $2,689,888, which is composed of the maturity value of $5,645,000 less the unearned interest discount of $2,955,112. This is displayed in the accompanying general-purpose financial statements as follows: Bond Payable (Part of 1984 Series) $ 609,999 g Accrued Interest on Capital Appreciation Bonds 2,079,889 g Total $ 2,689,888 I I 49 I
NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) Note 5 - Long-Term Liabilitics (Continued) Note Payable FMPA Pooled Loan Project, Principal Payable Annually With Variable Interest Payable Monthly, Collateralized By a Junior Lien on the Net Revenues of the Utility System $ 1,155,000 I (Current Maturities) Long-Term Portion $ (360,000) 795,000 I The following is a schedule of remaining principal payments on the FMPA pooled loan project: Year (Due November) Principal 1999 360,000 I 2000 2001 385,000 410,000 Total $ 1,155,000 I Capital Leases Capital Leases, Payable $32,408 Quarterly Including Interest Ranging From 4.76% to 5.39%, Collateralized By Sanitation Fund Equipment $ 49,167 (Current Maturities) (49,167) Long-Term Portion $ 0 The following is a schedule of future minimum lease payments under capital leases for the remainder of the lease terms: Year Principal Interest Total 1999 $ 49,167 $ 1,084 $ 50,251 Assets under the capital leases totalled $439,638 at September 30, 1998, and accumulated amortization on those assets totalled $353,740. [ 50 M
I i NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) Note 5 - Long-Term Liabilities (Continued) Estimated Landfill Closure and Postclosure Care Costs The City closed its present landfill site on September 1,1995, at a total cost of $3,326,000. The cost of the closure was financed by user fees over the useful life of the landfill. As required by state law, the City is now performing postclosure monitoring activities. A summary of the activity in the postclosure cost liability account is as follows: Balance, September 30,1997 $ 988,632 Adjustment of Estimate (27,132) Total Annual Costs Paid (42,939) Balance, September 30,1998 918,561 (Current Maturities) (54,033) Long-Term Portion S 864,528 In 1994, the City implemented GASB Statement No.18 entitled Accountingfor Municipal g Solid Waste Landfill Closure and Postclosure Care Costs. This statement requires accounting E recognition be given to ah estimated closure and postclosure care costs during the operating life of the landfill. The $918,561 liability recorded represents the estimated costs of postclosure care for eighteen years after closure as required by state and federal laws and regulations. This amount was E calculated by the City's consulting engineer. The actual costs may be higher due to inflation, g changes in technology, or changes in regulations. The City is required to deposit adequate funds into an escrow account before year end to meet postclosure care costs for the following year. During the year ended September 30,1992, the City established an escrow subaccount within the City's pooled cash system for this purpose. The following is a schedule of the transactions in this account during fiscal year 1998: Transaction Date Amount 1 Balance, September 30,1997 $ 58,281 l Interest Earned 3,436 Balance, September 30,1998 $ 61,717 The above schedule was prepared in accordance with the requirements of Rule 17-701.630(5)(c) of the Florida Administrative Code. I 51 I'
I I NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) Note 5 - Long-Term Liabilities (Continued) General Long-Term Debt A summary of all general long-term debt of the City as of September 30,1998, follows: Refunding and Capital Improvement Revenue Bonds Payable, Issued in April 1987, Interest From 4% to 7% $ 4,415,000 Employee Compensated Absences Payable 1,343,400 Claims and Judgements 270,000 Total- $ 6,028,400 The following is a summary of changes in general long-term debt for the year ended September 30,1998: Balance Balance October 1 September 30, 1997 Additions (Deductions) 1998 Refunding and Capital Improvement Bonds $ 4,625,000 $ (210,000) $ 4,415,000 Employee Compensated - Absences Payable 1,284,413 $ 58,987 1,343,400 Suit Settlement Payable 270,000 270,000 Totals $ 5,909,413 $ 328,987 $ (210,000) $ 6,028,400 Debt service requirements for general long-term debt other than compensated absences and the suit settlement for years ending September 30, are as follows: Year Principal Interest Total 1999 $ 225,000 $ 290,585 $ 515,585 2000 240,000 275,225 515,225 2001 255,000 258,650 513,650 2002 270,000 239,750 509,750 2003 290,000 219,450 509,450 Thereafter 3,135,000 836,500 3,971,500 Total $ 4.415,000 $ 2,120,160 $ 6.535,160 Crystal River III Nuclear Decommission Costs Payable The City is responsible for its share of the future costs to decommission the Crystal River Ill Nuclear Generating Unit. The City is accruing this cost over the expected useful life of the plant. A summary of the activity in the liability account is as follows: Balance, September 30,1997 $ 2,348,830 1998 Accrual 312,780 Balance, September 30,1998 $ 2,661,610 52 I [
p I NOTES TO FINANCIAL STATEMENTS l CITY OF LEESBURG, FLORIDA (Continued) Note 5 - Long-Term Liabilities (Concluded) l General Long-Term Debt (Concluded) Crystal River III Decommissioning Trust Fund Federal law requires that an external trust fund be created to accumulate amounts to pay for the future plant decommissioning. The City contributes to a common trust fund, maintained by FMPA, for all its members that own a portien of the Crystal River Ill Nuclear Generating Unit. As of September 30,1998, the City has a balance in the trust fund of $1,612,291. Refunding and CapitalImprovement Bonds In 1987, the City issued $6,145,000 of Refunding and Capital Improvement Revenue Bonds 3 to provide funds for certain improvement projects, and the refunding and payment of the 3 City's Refunding and Capital Improvement Revenue Bonds, Series 1984. The 1987 bonds are fully registered without coupons in denominations of $5,000 each and are collateralized by a pledge of Local Government Half-Cent Sales Tax Revenue, the guaranteed entitlement portion of state revenue sharing, and income of certain investments. The Refunding and Capital Improvement Revenue Bonds, Series 1987 resolution provides for a current sinking fund and debt service reserve account. The bonds are callable at various dates at 100% to 102% of face value. A summary of all long-term debt previously defeased and no longer a liability of the City as of September 30,1998, follows: Proprietary Fund Types - Utility Funds Utilities Revenue Certificates, Series 1977 $ 8,525,000 Utilities Refunding Revenue Bonds, Series 1984 15,820,000 Total Proprietary Fund Types - Utility Funds 24,345,000 General Long-Term Debt Account Group Refunding and Capital Improvement Bonds, Series 1984 1,275,000 Total Defensed Debt - All Funds and Account Groups $ 25,620,000 I I 53 3
NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) Note 6 - Operating Leases The City is lessor on various leases of facilities located at the airport. The leased facilities are included in the $3,425,000 of airport assets recorded in the City's general fixed assets account group. The following is a schedule of minimum future lease income on noncancelable operating leases: September 30, Amount i 1999 2000
$ 57,012 56,715 2001 56,715 2002 56,715 1 2003 56,715 Thereafter 676,528 i Total Minimum Lease Payments $ 960,400 Note 7 - Electric Power Agreements Crystal River Unit No. 3 Participation Agreement I The City is a participant in an agreement with Florida Power Corporation. Under terms of the agreement, the City acquired a 0.8244% ownership interest and generation entitlement share in the nuclear steam electric generating unit. Participants are entitled to energy output I of the unit based upon their respective generation entitlement share.
Florida Power Corporation has been appointed by the participants to act as their agent and has I sole authority to manage, control, maintain and operate the unit. Operating costs of the unit, in general, are shared in proportion to each generation entitlement share on a monthly basis. Common and external facilities of the generating unit are solely owned by Florida Power Corporation, and participants share in the operating and maintenance expenses of such facilities. I The participation agreement provides for reversion of the ownership interest of the unit to Florida Power Corporation upon retirement from service. The bool: value of the investment included in utility plant in service on September 30,1998, was $2,781,013. Florida Municipal Power Agency _ The City is a member of FMPA. FMPA was created pursuant to Chapter 163, Parts I and II ("The Interlocal Act" and "The Joint Power Act") to, among other things, provide a means for the Florida municipal corporations to cooperate with each other to provide for their present [ and projected energy needs. The City has limited oversight authority over the operation of [ , 54 s W i i- -
NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA ; (Continued) l 1 l Note 7 - Electric Power Agreements (Concluded) l Florida Municipal Power Agency (Concluded) FMPA. This oversight is manifested in the appointment of one member to the 28-member Board of Directors of FMPA, Furthermore, the City, by agreement, has no equity interest in any of the assets owned by FMPA. The City participates in the following FMPA projects: J l a St. Lucie No. 2 Power Purchase Agreement i The City, through FMPA, has negotiated an agreement with Florida Power and Light Corporation guaranteeing the City the right to purchase up to 2.326 megawatts of generating capacity from the St. Lucie No 2 nuclear generating plant. This plant became operational in 1984, The cost of this agreement has been capitalized and is being amortized over the plant's expected useful life. m All-Requirement Power Supply Agreement The City has an agreement with FMPA whereby the City is purchasing its electric power from FMPA on an all-requirement basis. The agreement will remain in effect until October 1, 2020, with two optional successive ten-year renewal periods. Power rates charged to the City by FMPA are subject to a majority vote of the Board of Directors of FMPA, Note 8 - Segment Information For Enterprise Funds The City operates six enterprise funds. Segment information as of September 30,1998, is as follows: Sanitation Sewer Communi-Electric Gas Water Wastewater Sanitation cation , Utility Utility Utility Treatment Services I Services _ Totals Operating Revenues $33,344,020 $ 7,049,931 5 3.558,936 $ 3,570,708 $ 2,347,903 $ 61,040 $ 49,932,53R z Depreciation and Amortization 2,551,307 240,628 647,691 947.,068 87,002 29,889 4,503,585 Operating income 5,178,091 1,243,608 1,296,688 468,136 422,765 7,392 8,616,680 Operating Transfers (Out) (3,339,600) (717,204) (397,296) (385,296) (4,839,3%) Net income 1,753,120 691,206 1,086,391 414,997 504,721 16,946 4,467,381 Contributed Capital 3,343,835 531,072 3,847,239 13,673,362 440,967 141,690 21,978,165 Cash and Cash Equivalents 17,580,139 4,339,691 6,267,922 6,354,872 1,341,451 89 35,884,164 Net Working Capital 20,615,842 4,374.635 6,593,775 6,440,450 1,331,014 (268,029) 39,087,687 Long-Term Liabili-ties Payable 14,191,676 1,411.513 3,373,688 3,188,414 864,528 23,029,819 Total Fund Equity 46,485,395 8,799,125 12,289,440 21,525,232 736,037 233,680 90,068,909 Total Assets 65,987,582 10,928,424 16,206,836 25.579,726 1,878,891 502,352 121,083,811 I ss I
NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA 3 (Continued) Note 9 - Defined Benefit Pension Plan Plan Descriptions and Contribution Information The City maintains three separate single-employer pension plans, one for police officers, one for firemen, and a general employees' retirement plan that covers substantially all other full-time City employees. These plans are maintained as pension trust funds and included as part of the City's reporting entity. City ordinance and state law requires contributions to be determined by actuarial studies. Stand-alone financial reports are not issued. Membership of each plan consisted of the following at October 1,1997, the date of the latest actuarial valuation: GERP MPRP MFRP Retirees and Beneficiaries Receiving Benefits 95 I Terminated Plan Members Entitled to But Not 11 11 Yet Receiving Benefits 57 0 1 Active Plan Members i Total 295 447 49 60 29 41 General Employees' Retirement Plan (GERP) 1 a Plan Description - The GERP provides retirement, disability and death benefits to plan members and their beneficiaries. Cost-of-living adjustments (COLA) are provided at the [ discretion of the City Commission. The City Commission has the authority to establish 5 and amend the benefit provisions of the plan. g a Contributions - The City is required to contribute at an actuarially determined rate. Plan g members are not allowed to contribute. Contribution requirements are established by City Code Section 17.121. City Code Section 17.121 may be amended by the City Commission. Administrative costs of the GERP are financed through plan contributions 1 and investment earnings. Municipal Police Retirement Plan (MPRP) e Plan Description - The MPRP provides retirement, disability and death benefits to plan members and their beneficiaries. COLA's are provided at the discretion of the City {. Commission. The City Commission has the authority to establish and amend the benefit provisions of the plan. m Contributions - Plan members are required to contribute 7.65% of their annual covered salary. The City is required to contribute at actuarially determined rates. Per City Code /L Section 17.91, the City Commission may amend established contribution requirements. Administrative costs are financed through investment earnings, and city and state contributions. [ ~ 56 L M
I NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) Note 9 - Defined Benefit Pension Plans (Continued) Mimicipal Firemen's Retirement Plan (MFRP) m Plan Description - The MFRP provides retirement, disability, and death benefits to plan members and their beneficiaries. Cost-of-living adjustments are provided at the discretion 3 of the City Commission. The City Commission has the authority to establish and amend 3 the benefit provisions of the plan. m Contributions - Plan members are required to contribute 6.5% of their annual covered salary. The City is required to contribute at actuarially determined rates. Per City Code Section 17.71, the City Commission may amend established contribution requirements. Administrative costs are financed through investment earnings, and city and state contributions. Annual Pension Costs and Net Pension Obligation The City's annual pension cost and net pension obligation to GERP, MPRP and MFRP for the current year were as follows: GERP MPRP MFRP I Annual Required Contribution (ARC) S 285,800 $ 219,053 $ 126,681 l Interest on Net Pension Obligation (13,040) 1,385 (3,222) m Adjustment to ARC 0 0 0 j Annual Pension Cost 272,760 220,438 123,459 gj Contributions Made (734,290) (301,789) (263,527) Net Pension Obligation, Beginning of Year (163,002) 17,312 (40,277) E ll Net Pension Obligation, End of Year $(624,532) $ (64,039) $(180.345) i Other Pension Plan Information The annual required contribution for the current year was determined as part of the October 1, 1997, actuarial valuation for the GERP and MPRP using the entry age actuarial cost method. The MFRP annual required contributions were determined using the aggregate actuarial cost method. The actuarial assumptions include an 8.0% rate of return on investments for all plans. Projected salary increase for the GEPJ, MPRP and MFRP was 5.50%,6.50% and 6.00%, respectively. The assumptions did not include postretirement benefit increases. The actuarial value of assets was determined using market value for all plans. The excess of the actuarial value of assets over the actuarial accrued liabilities is being amortized using the level dollar, closed method for the GERP and MPRP. The remaining amortization period at October 1,1997, was between 22 and 29 years for both plans. I. 57
NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) Note 9 - Defined Benefit Pension Plans (Concluded) Three-Year Trend Information Fiscal Annual I Year Ended Pension Cost (APC) Percentage of APC Contributed Net Pension Obligation GERP 09/30/96 $ 694,163 100 % 09/30/97 542,806 130 % $ (163,002) I 09/30/98 272,760 269 % (624,572) MPRP 09/30/96 263,109 100 % 09/30/97 264,219 93 % 17,312 09/30/98 221,438 136 % (64,039) MFRP 09/30/96 197,811 100 % 09/30/97 169,358 123 % (40,277) 1 09/30/98 123,459 213 % (180,345) Note 10 - Self-Insurance Fund Employee IIcalth Insurance Fund I The City maintains a self-insurance program for the payment of employee health and medical claims. The program provides for the payment of City and employee contributions into a self-insurance fund, which is managed by the City and its administrative agent. Employee claims 1 up to $45,000 per person are paid from the assets of the self-insurance fund; claims in excess of $45,000, up to a maximum of $955,000 per employee per year, are paid from a reinsurance policy purchased by the City. Workers' Compensation Insurance Fund The City maintains a self-insurance program for the payment of employee workers' I compensation claims. The program provides for City contributions into a self-insurance fund which is managed by the City and its administrative agent. Employee claims up to $400,000 per occurrence are paid from the assets of the self-insurance fund with amounts in excess of
$400,000 per occurrence being paid from a reinsurance policy purchased by the City.
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I NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) Note 10 - Self-Insurance Fund (Concluded) Workers' Compensation Insurance Fund (Concluded) Liabilities for known claims and incurred but not reported claims: l Current Year Balance Claims and Balance October 1, Changes in (Claims September 30, 1997 Estimates Pald) 1998 Employee Health Insurance Fund $ 225,951 $ 225,951 Workers' Compensation Insurance Fund 220,347 $ 219,826 $ (177.930) 262,243 Total $ 446,298 $ 219,826 $ (177,930) $ 488,194 Current Year Balance Claims and Balance October 1, Changes in (Claims September 30, g 1996 Estimates Pald) 1997 g Employee Health Insurance Fund $ 242,944 $ 1,114,259 $ (1,131,252) $ 225,951 Workers' Compensation insurance Fund 215,229 101,360 (96,242) 220,347 Total $ 458,173 $ 1.215,619 $ (1,227,494) $ 446,298 Note 11 - Contributed Capital I The following is a summary of changes in contributed capital during the current year: Balance Balance g October 1, September 30, g 1997 Additions (Deletions) 1998 Enterprise Funds Electric Utility $ 3,203,802 $ 140,033 $ 3,343,835 Gas Utility 531,072 531,072 Water Utility 3,645,736 201,503 3,847,239 Sanitary Sewer and ; Wastewater 13,209,069 464,293 13,673,362 l Sanitation Services 440,967 440,967 Communication Services 141,690 141,690 Total Enterprise Funds 5 21,172,336 $ 805,829 $ 0 $ 21,978,165 4 Internal Service Fund Motor Pool Service $ 15,979 $ 0 $ 0 $ 15,979 l 59 !
NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) Note 12 - Deferred Compensation Fund The City offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan, available to all City employees, permits them to defer a portion of their salary until future years. The deferred compensation plan is not I availab!c to employees until termination, retirement, death, or unforeseeable emergency. In October 1997, the GASB issued Statement No. 32, Accounting and FinancialReportingfor l Internal Revenue Code Section 457 Deferred Compensation Plans. This statement allows the employer to not report the assets and liabilities in their financial statements if the employer has met the new criteria of the Internal Revenue Code Section 457 and does not retain fiduciary accountability for the plan assets. During 1997, the City amended its deferred compensation plan to reflect the changes in the Internal Revenue Code and, in the opinion of management, does not retain fiduciary accountability for plan assets. I Accordingly, the City is implementing GASB Statement No. 32 early, and is no longer including the assets and liabilities of the deferred compensation fund in its financial statements. There is no effect on the City's overall fund balance or retained earnings, as the plan was an agency fund in which plan assets equals liabilities. It is the opinion of the City that the City has no liability for losses under the plan but does I have the duty of due care that would be required of an ordinary prudent investor. The City believes that it is unlikely that it will use the assets to satisfy the claims of general creditors in the future. Note 13 - Contingencies and Conunitments The City participates in a number of state and federal grant programs, including the following: HUD Section 8 - Housing Assistance Payment Programs a These programs are subject to program compliance audits by the grantors or their The audits of these programs as of and including the year ended [ representatives. September 30,1998, have not yet been accepted / approved by the grantors. Accordingly, the final determination of the City's compliance with applicable grant requirements will be established at a future date. The amount, if any, of expenditures which may be disallowed by the granting agencies cannot be determined, although the City expects such amounts, if any, to be immaterial. The City is defending several claims and judgements arising from the normal course of L business. The City expects to prevail in these matters; however, the final outcomes have not yet been determined. 60 u i- .
NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Concluded) Note 14 - Risk Management The City is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; and natural disasters for which the City carries commercial insurance. Insurance against losses are provided for the following types of risk: a General and Automobile Liability a Contractors' Equipment I a Commercial Property Damage a Crime The City is self-insured for workers' compensation and employee health as explained in note 10. Amounts of settlements, if any, have not exceeded insurance coverage for each of the past three years. Note 15 - Suit Settlement During 1998, the City settled a civil rights lawsuit in which it was a codefendant. The settlement calls for the City to pay the plaintiff $634,000, of which $100,000 is covered by 3 insurance. The City has recorded the net settlement amount of $534,000 as a general 5 government expenditure and a payable of the general fund. Additional terms of the settlement call for the City to fund the budget of a local agency $30,000 per year for nine years. This
$270,000 obligation of the City is recorded in the general long-term debt account group.
Note 16 - Postemployment Benefits In addition to the pension benefits described in note 9, the City provides postretirement health care benefits, in accordance with City ordinance, to all employees who retire from the City on or after attaining age 58 with at least 15 years of service. In addition, employees that retire on or after age 50, with 15 years of service may continue to participate in the plan. The City pays 80% of covered charges up to $1,000 per covered person (excluding a $250 deductible) and 100% of the remainder of covered charges per covered person per calendar year. Currently,55 retirees meet these eligibility requirements. The City also provides a Medicare supplement for each retiree eligible for Medicare. Expenses for postretirement health care benefits are recognized as retirees report claims and include a provision for estimated claims incurred, but not reported. During the year, expenses of approximately $229,000 were recognized for postretirement health care. I 4 I' 61 I
l l l REQUIRED SUPPLEMENTARY INFORMATION I The following supplemental schedules present trend information regarding the retirement plans for the City's general employees, municipal police and municipal firemen, and year 2000 disclosure. This information is necessary for a fair presentation in conformity with generally accepted accounting principles. I I I I I I I
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l 1 REQUIRED SUPPLEMENTARY INFORMATION CITY OF LEESBURG, FLORIDA SCHEDULES OF FUNDING PROGRESS General Employees' Retirement Plan (7) (2) (3) (4) (5) (6) UAALas
- (1) Actuarial Entry Age Normal Unfunded Actuarial Funded Annual Percentage Valuation Value of Actuarial Accrued Accrued Liability Ratio Covered of Payroll Date Assets (AVA) Liability (AAL) (UAAL) (3)-(2) (2)/(3) Payroll (4)/(6) 10/01/92 5 11,565,600 $ 15.525,900 5 3,960,300 74.4 % 5 7,013,200 56.4 %
10/01/93 13,550,900 16,911,500 3,360,600 80.1% 7,098,800 47.3 % 10/01/94 ' 13,804,000 14,883,063 1,079,063 92.7 % 7,745,800 13.9 % 10/01/9$ 16,105,000 17,414,500 1,309,500 92.4 % 7,901,700 16.5 % 10/01/96 17,346,700 18,401,700 1,055,000 94.2 % 8,297,100 12.7 % 10/01/97 21,395,000 18,304,900 (3,090,100) 116.9 % 8,466,100 N/A Municipal Police Retirement Plan (7) (2) (3) (4) (5) (6) UAAL as
- (1) Actuarial Entry Age Normal Unfunded Actuarial Funded Annual Percentage Valuation Value of Actuarial Accrued Accrued Liability Ratio Covered of Payroll Date Assets (AVA) Liability (AAL) (UAAL) (3)-(2) (2)/(3) Payroll (4)/(6) 10/01/92 5 3,420,743 5 4,849,483 5 1,428,740 70.5 % 5 1,009,935 141.4 %
10/01/93 3,899,548 5,243,943 1,344,395 74.3 % 1,114,005 120.6 % 10/01/94 3,666,323 4,125,636 459,313 88.8 % 1,308,794 35.0 % 10/01/95 4,706,766 5,258,740 551,974 89.5 % 1,512,247 36.5 % 10/01/96 5,350,539 5,950,687 600,148 89.9 % 1,614,426 37.1 % 10/01/97 6,689,503 7.323,316 633,813 91.4 % 1,724,558 36.75 % Municipal Firemen's Retirement Plan Not required due to use of the aggregate actuarial cost method. 62
E REQUIRED SUPPLEMENTARY INFORMATION CITY OF LEESBURG, FLORIDA (Continued)
)j SCIIEDULES OF CONTRIBUTIONS FROM EMPLOYER AND OTIIERS General Employees' Municipal Police Municipal Firemen's Retirement Plan (GERP) Retirement Plan (MPRP) Retirement Plan (MTRP)
(1) (2) (2) Annual Annual Annual Year Required Required Required , Ended Contribution Percentage Contribution Percentage Contribution Percentage 9/30 (ARC) Contributed (ARC) Contributed (ARC) Contributed 1998 5 272,760 269 % 5 221.438 136 % 5 123,459 213 % 1997 542,806 130 % 264,219 93 % 169,358 123 % 1996 694,163 100 % 263,109 100 % 197,811 100 % 1995 650,146 100 % 209,514 100 % 188,732 100 % 1994 601,880 100 % 193,519 100 % 183,811 100 % 1993 584,831 100 % 202,702 100 % 171,192 100 % 1992 592,146 100 % 155,567 100 % 157,425 100 % (1) Includes only required employer contributions, (2) Includes required contributions by employees and excise tax on certain insurance policies collected by the State of Florida. The City is required to contribute to the balance of the ARC. The information presented in the required supplementary schedules was determined as part of the a,;tuarial valuations at the dates indicated, Additional information as of the latest actuarial valuation folio vs: GERP MPRP MFRF g' Valuation Date October 1,1997 October 1,1997 October 1,1997 Actuarial Cost Method Entry Age Normal Actuarial Cost Entry Age Normal Actuarial Cost Aggregate Actual Cost Mediod Method Method Amortization Method Level Dollar, Closed Level Dollar, Closed N/A us Remaining Amortization Period 30 Years 30 Years N/A Asset Valuation Method Market Value Cost Market Value Actuarial Assumptions: I Investment Rate of Retum 8.00 % 8.00 % 8.00 % Projected salary increases 5.50 % 6.50 % 6.00 % Cost-of-Living Adjustments None None None i I 63 Ii , 1
l REQUIRED SUPPLEMENTARY INFORMATION CITY OF LEESBURG, FLORIDA (Concluded) YEAR 2000 DISCLOSURE The City is currently addressing year 2000 issues relating to its computer systems. The year 2000 issue refers to the fact that many computer programs use only the last two digits to refer to a year. Therefore, both 1900 and 2000 would be referred to as "00." Computer programs must be adjusted to recognize the difference between those two years or the programs will fail or create errors. Also, some programs may not be able to recognize that 2000 is a leap year. Further, the year 2000 issue could affect electronic equipment such as environmental systems,911 equipment, and security systems containing computer microchips that have date recognition features. In addition, systems with which the City interfaces including depositories, telephone systems, vendors, federal government grantors, federal forfeitures, and state and county government could be affected. As of the year end, the City has identified its year 2000 critical systems as the electric utility operating system, the public works utility operating system, the Police Department system, the Fire Department I system, the finance system, and the other governmental systems. These systems are being subjected to the following stages of work to address year 2000 issues: a Awareness Stage I Establishing a budget and project plan for dealing with the year 2000 issue. a Assessment Stage I Identifying the systems and components for which year 2000 compliance work is needed. a Remediation Stage I Making changes to systems and equipment. e Validation / Testing Stage I Validating and testing the changes that were made during the remediation stage. The awareness stage is complete and the assessment and remediation stages are in process for all City I systems. Because of the unprecedented nature of the year 2000 issue, its effects and the success of related remediation efforts will not be. fully determinable until the year 2000 and thereafter. The City cannot assure that it will be year 2000 ready, that the City's remediation efforts will be successful in whole or in part, or that parties with whom the City does business will be year 2000 ready. This problem may be especially important considering that the City purchases its electricity from third parties.and relies on the electrical transmission system of third parties to deliver this electricity to the appropriate delivery point. Thus, while the City is undertaking reasonable and prudent measures necessary to avoid disruption of its services, there can be no assurance that the year 2000 problem will not have a material effect on the City in the future. Information and statements contained in this disclosure are " Year 2000 Readiness I Disclosures" as defined by the Year 2000 Information and Readiness Act of 1998. I 64 u ~
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. COMBINING AND INDIVIDUAL FUND AND I ACCOUNT GROUP STATEMENTS AND SCHEDULES I
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1 I I l GENERAL FUND The general fund accounts for all revenues and expenses of the City which are not required to be accounted for in other funds. It receives a greater variety and number of taxes and other general revenues than any other fur.d. I I I [ [ { c L I
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BALANCE SIIEET GENERAL FUND SEPTEh111ER 30,1998, WITII COh1PARATIVE TOTALS FOR SEPTEh1BER 30,1997 CITY OF LEESBURG, FLORIDA 1998 1997 Assets Equity in Pooled Cash and Cash Equivalents $3,794,067 $4,442,310 l Due From Other Governments Due From Other Funds 207,143 239,812 359,597 0 Assessments Receivable 4,297 4,117 I Other Accounts Receivable Interest Receivable 44,658 0 33,410 248,549 Prepaid Items 19,461 10,473 I Inventories Notes Receivable - Employees 16,385 199.525 15,336 256,701 Total Assets 4,525,348 5,370,493 I Liabilities and Fund Balance Liabilities Accounts Payable 220,361 344,125 Accrued Wages and Payroll Tax 462,672 584,792 I Suit Settlement Payable Unearned License Revenue 534,000 227,064 0 184,074 Total Liabilities 1,444,097 1,112,991 Fund Balance Reserved: I For Notes Receivable - Employees For Police Education 199,525 18,093 256,701 10,864 For Police Expenditures 100,357 122,578 I For Police Communication Tower For C.U.R.E. Program 15,786 630 13,372 291 Unreserved 2,746,860 3,853,696 Total Fund Balance 3,081,251 4,257,502 l Total Liabilities and Fund Balance $4,525,348 $5,370,493 l l l ) ee V
I STATEh1ENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL GENERAL FUND g FOR TIIE YEAR ENDED SEPTEh1BER 30,1998, WITII COhiPARATIVE g ACTUAL Ah10UNTS FOR SEPTEh1BER 30,1997 CITY OF LEESBURG, FLORIDA I 1998 1997 Variance l HE Favorable Budget Actual (Unfavorable) Actual Revenues g Taxes $ 3,174,200 $ 3,140,104 $ (34,096) $ 4,019,315 g 284,800 273,436 (11,364) 278,600 Licenses and Permits Intergovernmental 746,900 775,405 28,505 1,191,827 417,700 409,059 (8,641) 373,769 - Charges For Services 280,300 298,233 17,933 283,447 Fines and Forfeitures Miscellaneous: Interest 247,100 238,946 (8,154) 285,146 l Other 2,955,900 2,934,714 (21,186) 3,003,898 5 8,106,900 8,069,897 (37,003) 9,436,002 Total Revenues Expenditures 4,550,657 4,446,495 104,162 3,677,040 General Government 5,846,249 6,096,292 (250,043) 5,772,211 Public Safety 32,010 476,256 Physical Enviromnent 405,920 373,910 184,325 628,877 l
=
Transportation 779,931 595,606 136,378 124,208 12,170 85,625 Economic Development 49,723 Human Services 48,845 47,999 846 E g 2.930,918 2,807,600 123,318 2,837,040 Culture and Recreation (Total Expenditures) (14,698,898) (14,492,110) 206,788 (13,526,772) (Deficiency) of Revenues (Under) (6,591,998) (6,422,213) 169,785 (4,090,770) Expenditures Other Financing Sources (Uses) l W 5,344,908 5,343,016 (1,892) 5,430,910 Operating Transfers in Operating Transfers Out (100,468) (98,999) 1,469 (1,475,370) Total Other Financing Sources (Uses) 5,244,440 5,244,017 (423) 3,955,540 (Deficiency) of Revenues and Other Other Financing Sources (Under) Expenditures and Other Financing Uses (1,347,558) (1,178,196) 169,362 (135,230) Fund Balance, Beginning of Year 1,347,558 4,257,502 2,909,944 4,392,732 Prior Period Adjustment 0 1,945 1,945 0 Fund Balance, End of Year S 0$ 3.081,251 $ 3,081,251 $ 4,257,502 67 I
I I SCIIEDULE OF REVENUES - BUDGET AND ACTUAL GENERAL FUND I FOR TIIE YEAR ENDED SEPTEMBER 30,1998, WITH COMPARATIVE ACTUAL AMOUNTS FOR SEPTEMBER 30,1997 CITY OF LEESBURG, FLORIDA 1998 1997 Variance Favorable I Revenues Taxes Budget Actual (Unfavorable) Actual
$ 2,435,200 $ 2,397,214 $
I (37,986) $ 2,365,935 Ad Valorem Local Option Sales 921,411 Franchise Fees 136,000 135,823 (177) 122,649 Local Option Gas 603,000 607,067 4,067 609,320 Total Taxes 3,174,200 3,140,104 (34,096) 4,019,315 Licenses and Permits Licenses 175,500 163,491 (12,009) 176,253 I Building Permits Other Permits Total Licenses and Permits 69,000 40,300 284,800 68,001 41,944 273,436 (999) 1,644 (11,364) 59,841 42,506 278,600 Intergovernmental Federal Grants 102,500 76,515 (25,985) 54,734 State Grants 63,900 73,069 9,169 97,279 I State-Shared Revenues County-Shared Revenues Fuel Rebate 536,000 27,500 17,000
- 746,900 572,567 35,685 17,569 36,567 8,185 569 998,532 23,386 17,896 Total Intergovernmental 775,405 28,505 1,191,827 Charges For Services General Government Charges 17,200 19,464 2,264 17,909 33,100 37,953 4,853 35,139 I
Other Public Safety Charges Other Physical Environment Charges 500 6,686 6,186 704 Culture and Recreation 356,900 344,956 (21,944) 320,017 Total Charges For Services 417,700 409,059 (8.641) 373,769 Fines and Forfeitures Court Fines 238,000 225,261 (12,739) 200,448 Library Fines 20,000 19,162 (838) 19,521 Other Fines and Forfeitures 22,300 53,810 31,510 63,478 Total Fines and Forfeitures 280,300 298,233 17,933 283,447 Miscellaneous Interest 247,100 238,946 (8,154) 285,146 Rents and Royalties 78,600 76,600 (2,000) 74,600 Sale of City Property and Insurance Compensation 20,000 10,144 (9,856) 50,531 I Other 2,801,300 2,796,318 (4,982) 2,833,810 Contributions 56,000 51,652 (4,348) 44,957 Total Miscellaneous 3.203,000 3,173,660 (29,340) 3,289,044 Total Revenues $ 8,106.900 $ 8,069,897 $ (37,003) $ 9,436,002 l 68 I
I SCIIEDULE OF EXPENDITURES - BUDGET AND ACTUAL - BY DEPARTMENT GENERAL FUND E FOR TIIE YEAR ENDED SEPTEMBER 30,1998, WITII COMPARATIVE g ACTUAL AMOUNTS FOR SEPTEMBER 30,1997 CITY OF LEESBURG, FLORIDA 1998 1997 Variance Favorable l Budget Actual (Unfavorable) Actual Expenditures General Government g City Commission $ 82,787 $ 77,624 $ 5,163 $ 110,617 3 Executive Offices 327,971 319,103 8,868 271,238 City Attorney 148,000 155,527 (7,527) 173,956 g Grants and Aids 215,395 197,647 55,467 17,748 16,407 179,717 51,442 g Non-Departmental 71,874 Finance 1,587,127 1,574,793 12,334 1,561,341
. Human Resources 243,994 229,034 14,960 249,166 218,744 l
5 Purchasing and Warehousing 177,263 180,653 (3,390) Information and Communication Service 533,800 526,055 7,745 412,117 E Public Buildings 442,091 186,355 407,463 189,129 34,628 (2,774) 286,306 162,396 5 Comprehensive Planning Claims and Judgements $34,000 534,000 0 0 Total General Government 4,550,657 4,446,495 104,162 3,677,040 l
=
Public Safety Police Department 3,713,506 3,881,096 (167,590) 3,695,698 1,932,4C6 2,009,207 (76,741) 1,861,615 Fire Department 205,989 (5,712) 214,898 E g Protective Inspections 200,277 Total Public Safety 5,846,249 6,096,292 (250,043) 5,772,211 Physical Environment g Engineering 280,136 277,034 3,102 340,684 g Public Works Office 125,784 96,876 28,908 135,572 Total Physical Environment 405,920 373,910 32,010 476,256 Transportation Road and Street Facilities 691,945 496,102 195,843 494,871 l Airport Maintenance 87,986 99,504 (11,518) 134,006 l 595,606 184,325 628,877 j Total Transportation 779,931 Economic Development 136,378 124,208 12,170 85,625 Human Services Animal Control 33,845 34,422 (577) 33,344 g Public Assistance 15,000 13,577 1,423 16,379 Total Iluman Services 48,845 47,999 846 49,723 E Culture and Recreation Library Services 839,715 795,706 44,009 788,285 l i Recreation 2,091,203 2,011,894 79,309 2,048,755 5 Total Culture and Recreation 2,930,918 2,807,600 123,318 2,837,040 Total Expenditures $ 14,698,898 $ 14,492,110 $ 206,788 $13,526,772 l 69 I
1 l SPECIAL REVENUE FUNDS I Comumnity Development Fund - To account for the collection of housing assistance loans previously made. Proceeds accumulated from such collections may be reloaned to new program participants in the future. Housing Assistance Fund - To account for federal monies designated for housing cost assistance to low and moderate income families and the related administrative costs of the program. Stormwater Fund - To account for revenues and expenditures related to stormwater management (i.e., the collection, storage and dispersal of rainwater). Affordable Housing Fund - To account for federal, state, and local monies designated for construction and rehabilitation of housing for low and moderate income families and the related administrative costs I of the program.
~ Greater Leesburg Community Redevelopment Fund - To account for revenues and expenditures related I . to community redevelopment activities of the Greater Leesburg Community Redevelopment Agency, a component unit of the City.
I I I I i' 4
I COMBINING BALANCE SIIEET SPECIAL 'tEVENUE FUNDS SEPTEMBER 30,1998, WITII g COMPARATIVE TOTALS FOR SEPTEMBER 30,1997 g CITY OF LEESBURG, FLORIDA I Community liousing Development Assistance Assets Equity in Pooled Cash and Cash Equivalents $ 200,811 Accounts Receivable $ 17,805 283 Due From Other Governments 135,204 ; Total Assets 153,009 201,094 Liabilities and Fund Balances Liabilities g Accounts Payable 56,555 58,239 3 Due to Other Governments 17,805 77,540 Due to Other Funds 31,074 g Total Liabilities 105,434 135,779 E Fund Balances Reserved: For Conununity Redevelopment For Capital Improvements 47,575 For Housing Assistance 53,637 Unreserved 11,678 Total Fund Balances 47,575 65,315 Total Liabilities and Fund Balances $ 153,009 $ 201,094 I I I-I l 70 I Il
1 Greater Leesburg Affordable Community Totals Stormwater Housing Redevelopment 1998 1997
$ 689,874 $ 5,894 $ 229,771 $ 1,126,350 $ 794,975 63,699 81,787 84,165 135,204 0 753,573 5,894 229,771 1,343,341 879,140 12,146 969 2,082 129,991 5,087 95,345 31,522 I 12,146 969 2,082 31,074 256,410 36,609 0
227,689 227,689 117,480 47,575 16,182 I 741,427 4,925 53,637 758,030 57,514 651,355 741,427 4,925 227,689 1,086,931 842,531 j $ 753,573 $ 5,894 $ 229,771 $ 1,343,341 $ 879,140 l I i l l ,, I
I COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CIIANGES IN FUND BALANCES SPECIAL REVENUE FUNDS g FOR TIIE YEAR ENDED SEPTEMBER 30,1998, WITII E COMPARATIVE TOTALS FOR SEPTEMBER 30,1997 CITY OF LEESBURG, FLORIDA Conununity IIousing a Development Assistance 5' Revenues Intergovernmental $ 553,077 $ 569,664 Charges For Services 42 7,952 Interest 553,119 577,616 Total Revenues I Expenditures Physical Environment 521,732 595,092 Economic Environment (521,732) (595,092) (Total Expenditures) Excess (Deficiency) of Revenues I Over (Under) Expenditures 31,387 (17,476) Other Financing Sources (Uses) 0 13,531 Operating Transfers In Excess (Deficiency) of Revenues and Other Financing Sources Over (Under) Expenditures and Other Financing Uses 31,387 (3,945) Fund Balances, Beginning of Year 16,182 69,192 Prior Period Adjustment 6 68 Fund Balances, End of Year $ 47,575 $ 65,315 I 72 I
p-I il lI L j Greater 3 Leesburg Affordable Conununity Totals
- Stormwater Ilousing - Redevelopment 1998 1997 -
j
$ 6,667 $ 98,461 $ 1,227,869 $ 711,791 l j $ 578,928 37,611 395 13,342 578,928 59,342 576,111 38,050 616.539 7,062 111,803 1,856.,139 1,325,952 509,965 509,965 392,193 7,131 87,084 1,211,039 683,080 (509.965) (7,131) (87,084) (1,721,004) (1,075,273)
I 106,574 (69) 24,719 145,135 250,679 l l 0 0 85,468 98,999 54,700 I 106,574 (69) 110,187 244,134 305.379 I e>4.e>2 s.oos > >>.48o 842.s> > s>>.is l $81 (11) 22 266 0
$ 741,427 $ 4,925 $ 227,689 $ 1,086,931 $ 842,531 lI l
I 73 I
1 I STATEMENT OF REVENUES, EXPENDITURES AND CIIANGES IN FUND BALANCE BUDGET AND ACTUAL COMMUNITY DEVELOPMENT FUND FOR TIfE YEAR ENDED SEPTEMBER 30,1998, WITII COMPARATIVE ACTUAL AMOUNTS FOR SEPTEMBER 30,1997 CITY OF LEESBURG, FLORIDA , 1998 1997 i Variance Favorable Budget Actual (Unfavorable) Actual Revenues Intergovernmental $ 750,000 $ 553,077 $ (196,923) $ 1,821 Interest 700 42 (658) 301 ) Total Revenues 750,700 553,119 (197,581) 2,122 l Expenditures I' ; Economic Environment (819.450) (521,732) 297,718 (501) Excess of Revenues Over Expenditures (68,750) 31,387 100,137 1,621 I Other Financing Sources ) Operating Transfers In 68,750 0 (68,750) 0 ) Excess of Revenues and Other Financing Sources Over Expenditures 0 31,387 31,387 1,621
)
Fund Balance, Beginning of Year 0 16,182 16,182 14,561 Prior Period Adjustment 0 6 6 0 Fund Balance, End of Year $ 0$ 47,575 $ 47,575 $ 16,182 I]l I I I'
,4 I, 1
I
STATEMENT OF REVENUES, EXPENDITURES AND CIIANGES IN FUND BALANCE BUDGET AND ACTUAL IIOUSING ASSISTANCE FUhT) FOR THE YEAR ENDED SEPTEMBER 30,1998, WITII COMPARATIVE ACTUAL AMOUNTS FOR SEPTEMBER 30,1997 CITY OF LEESBURG, FLORIDA 1998 1997 Variance I Budget Actual Favorable (Unfavorable) Actual Re: enues Intergovernmental: l IIUD Contributions S 605,114 $ 569,664 $ (35,450) $ 625,233 Interest 7,100 7,952 852 9,552 Total Revenues 612,214 577,616 (34,598) 634,785 Expenditures g Economic Environment: l Housing Assistance: Personal Services 94,572 96,181 (1,609) 92,602 Operating Expenditures 535,142 498,911 36,231 548,190 Capital Outlay 15,782 (Total Expenditures) (629,714) (595,092) 34,622 (656,574) I (Deficiency) of Revenues (Under) Expenditures (17,500) (17,476) 24 (21,789) Other Financing Sources Operating Transfers In 17,500 13,531 (3,969) 0 (Deficiency) of Revenues and 1 Other Financing Sources (Under) Expenditures 0 (3,945) (3,945) (21,789) l Fund Balance, Beginning of Year 0 69,192 69,192 90,981 I Prior Period Adjustment 0 68 68 0 Fund Balance, End of Year S 0$ 65,315 $ 65,315 $ 69,192 75
I, STNTEMENT OF REVENUES, EXPENDITURES AND CIIANGES IN FUND BALANCE BUDGET AND ACTUAL STORMWATER FUND gi l FOR TIIE YEAR ENDED SEPTEMBER 30,1998, WITII COMPARATIVE E ACTUAL AMOUNTS FOR SEPTEMBER 30,1997 CITY OF LEESBURG, FLORIDA 1998 1997 Il' Variance Favorable Budget Actual (Unfavorable) _ Actual Revenues Charges For Services: Utility Fees $ 577,800 $ 578,928 $ 1,128 $ 576,111 Interest 36,600 37,611 1,011 25,044 Total Revenues 614,400 616,539 2,139 601,155 Expenditures E Physical Environment: g Stormwater: Personal Services 185,428 178,072 7,356 160,116 g Operating Expenditures 184,600 123,545 61,055 150,636 E Capital Outlay 432,600 208,348 224,252 81,441 (Total Expenditures) (802,628) (509,965) 292,663 (392,193) Excess of Revenues Over Expenditures (188,228) 106,574 294,802 208,962 Fund Balance, Beginning of Year 188,228 634,672 446,444 425,710 Prior Period Adjustments 0 181 181 0 Fund Balance, End of Year $ 0 $ 741,427 $ 741,427 $ 634,672 l I I I. 76 I
n I STATEMENT OF REVENUES, EXPENDITURES AND CIIANGES IN FUND BALANCE BUDGET AND ACTUAL I AFFORDABLE HOUSING FUND FOR THE YEAR ENDED SEPTEMBER 30,1998, WITH COMPARATIVE ACTUAL AMOUNTS FOR SEPTEMBER 30,1997 CITY OF LEESBURG, FLORIDA 1998 1997 I Budget Actual Variance Favorable (Unfavorable) Actual Revenues Intergovernmental $ 81,800 $ 6,667 $ (75,133) $ 18,479 Interest 200 395 195 0 Total Revenues ' 82,000 7,062 (74,938) 18,479 Expenditures Economic Environment: Operating Expenditures (82,000) (7,131) 74,869 (19,374) (Deficiency) of Revenues Over Expenditures 0 (69) (69) (895) l Fund Balance, Beginning of Year 0 5,005 5,005 5,900 Prior Period Adjustment 0 (11) (11) 0 I l Fund Balance, End of Year $ 0$ 4,925 $ 4,925 $ 5,005 I I I l I ) 1 77 I J
n I STATEMENT OF REVENUES, EXPENDITURES AND CIIANGES IN FUND BALANCE BUDGET AND ACTUAL GREATER LEESBURG COMMUNITY DEVELOPMENT FUND FOR TIIE YEAR ENDED SEPTEMBER 30,1998, WITII COMPARATIVE ACTUAL AMOUNTS FOR SEPTEMBER 30,1997 CITY OF LEESBURG, FLORIDA 11 1998 1997 Variance Favorable Budget Actual (Utfavorable) Actual Revenues Intergovernmental $ 88,461 $ 88,461 $ 0$ 66,258 Interest 22,400 23,342 942 3,153 1 Total Revenues 110,861 111,803 942 69,411 Expenditures E Economic Environment: 3 Operating Expenditures 105,702 87,084 18,618 6,631 Capital Outlay 176,298 _ 176,298 194,916 (6,631) 5 (Total Expenditures) (282,000) (87,084) 3 Excess of Revenues Over , Expenditures (171,139) 24,719 195,858 62,780 Other Financing Sources 85,468 85,468 0 54,700 I Operating Transfers In Excess of Revenues and Other Financing Sources Over Expenditures (85,671) 110,187 195,585 117,480 Fund Balance, Beginning of Year 85,671 117,480 31,809 0 Prior Period Adjustment 0 22 22 0 Fund Balance, End of Year S 0 $ 227,689 $ 227,689 $ 117,480 I 78 I I
p lI i-I I l I I I I l ENTERPRISE FUNDS I Utility Funds - The electric, gas, water, and sanitary sewer and wastewater treatment funds account for the provision of utility services to customers within the City's service area. All activities necessary to I provide such services are accounted for in these funds, including, but not limited to, administration, operations, maintenance, financing and related debt service, and billing and collection. Sanitation Services Fund - To account for the collection, transport and disposal of solid waste for I '- residential and commercial customers in the City. I Communication Services Fund - To account for the provision of communication services to customers in the City. l I I . I i I l I I
I COh1BINING BALANCE SIIEET ENTERPRISE FUNDS SEPTEh1BER 30,1998, WITII g COh1PARATIVE TOTALS FOR SEPTEh1BER 30,1997 g CITY OF LEESBURG, FLORIDA I Electric Gas Water Utility Utility Utility Assets Current Assets Equity in Pooled Cash and Cash Equivalents $ 17,580,139 $ 4,339,691 $ 6,267,922 Due From Other Funds 266,880 Due From Other Governments 19,503 Receivables: Customer Accounts - Unbilled 2,102,940 173,874 256,379 Customer Accounts - Billed 2,324,975 232,449 204,556 g (Allowance For Doubtful Accounts) (361,116) (56,409) (42,052) g Accrued Interest 72,549 8,888 21,224 Inventory 1,264,958 Total Current Assets 23,251,325 4,698,493 6,727,532 Restricted Assets Equity in Pooled Cash and Cash Equivalents: Debt Service Account 1,109,3h 135,814 324,560 Renewal and Replacement Account 2,581,25# 392,812 828,421 Impact Fees Account 428,463 1,565,655 263,114 85,391 Customer Deposits Account l W Investments: Debt Service Account 2,483,526 304,245 726,561 Crystal River Decommissioning Trust Account 1,612,291 Total Restricted Assets 9.352,128 1,095,985 2,393,396 Property, Plant and Equipment Property, Plant and Equipment 53,139,566 8,039,789 13,509,372 l (Accumulated Depreciation and Amortization) (21,445,332) (2,931,032) (6,469,580) E Construction in Progress 1,610,655 15,402 23,454 Total Property, Plant and Equipment - Cost Less Depreciation and Amortization 33,304,889 5,124,159 7,063,246 Other Assets Unamortized Bond Issue Costs 79,240 9,787 22,662 Total Assets $ 65,987,582 $ 10,928,424 $ 16,206,836 l I I l 79 I
l (Page 1 of 2 Pages) i Sanitary Sewer and . Total Other Enterprise Funds Totals Wastewater Combined Sanitation Conununication Treatment Utility Services Services 1998 1997 I $ 6,354,872 $ 34,542,624 $ 1,341,451 $ 89 $ 35,884,164 5 31,489,423 266,880 266,880 333,600 19,503 19,503 0 1 246,826 2,780,019 176,266 2,956,285 2,903,749 ly 470,764 (50,880) 3,232,744 (510,457) 132,434 (41,426) 554 3,365,732 (551,883) 3,498,036 (486,388) 15,056 117,717 117,717 117,717 3,733 1,268,691 1,268,691 1,445,683 7,040,371 41,717,721 1,608,725 643 43,327,089 39,301,820 230,283 1,800,031 1,800,031 1,767,636 580,886 4,383,401 4,383,401 3,698,805 445,202 873,665 873,665 557,378 35,876 1,950,036 615 1,950,651 1,897,447 515,403 4,029,735 4,029,735 3,846,520 1,612,291 1,612,291 1,404,531 1 1,807,650 14,649,159 615 0 14,649,774 13.172,317 23,285,979 97,974,706 1,662,507 448,023 100,085,236 99,816,513 I (7,595,463) (38,441,407) (1,392,956) (83,630) (39,917,993) (36,330,361) 1,010,721 2,660,232 137,316 2.797,548 401,887. 16,701,237 62,193,531 269,551 501,709 62,964,791 63,888,039 3e.4e8 142.157 0 0 142.157 17e.315 l
$ 25,579.726 $ 118,702,568 $ 1,878,891 $ 502,352 $ 121,083,811 $ 116,532,491 (Continued) 80
I COMBINING BALANCE SIIEET i ENTERPRISE FUNDS i SEPTEMBER 30,1998, WITII COMPARATIVE TOTALS FOR SEPTEMBER 30,1997 gI g l CITY OF LEESBURG, FLORIDA I Electric Gas Water Utility Utility Utility Liabilities and Fund Equity Current Liabilities Accounts Payable $ 1,787,901 $ 234,578 $ 12,268 Accrued Expenses 773,285 89,280 112,289 3 Customer Advances For Construction 74,297 9,200 g Due to Other Funds Current Portion of Notes and Capital Leases Payable Estimated Landfill Closure Cost Payable 2,635,483 323,858 133,757 l 5 Total Current Liabilitics Current Liabilities Payable From Restricted Assets Customer Deposits 1,565,655 263,114 85,391 g Accrued Interest on Revenue Bonds 394,456 714,917 48,291 87,523 115,403 209,157 g Current Portion of Bonds Payable Total Current Liabilities Payable From Restricted Assets 2,675,028 398,928 409,951 Long-Term Liabilities E Note Payable FMPA 3 Capital Lease Obligation - Long-Term Portion Refunding Revenue Bonds Payable 10,313,914 1,262,672 3,017,454 Accrued Interest on Capital Appreciation Revenue Bonds 1,281,852 156,930 375,021 (Unamortized Discount) (65,700) (8,089) (18,787) Landfill Postclosure Costs Payable Decommissioning Costs Payable 2,661,610 g Total leng-Term Liabilities 14,191,676 1,411,513 3,373,688 g Total Liabilities 19,502,187 2,134,299 3,917,396 Fund Equity Contributed Capital: Other Governments 17,987 6,512 77,284 Customers and Developers 3,325,848 524,560 3,769,955 - Other Funds Total Contributed Capital 3,343,835 531,072 3,847,239 Retained Earnings: Reserved: 2,483,526 304,245 726,561 l W Debt Service Renewal and Replacement 2,581,282 392,812 828,421 Unreserved 38,076,752 7,565,996 6,887,219 Total Retained Earnings 43,141,560 8,263,053 8,442,201 Total Fund Equity - 46,485,395 8,794,125 12,289,440 Total Liabilities and Fund Equity $ 65.987,582 $ 10,928,424 $ 16,206,836 I 81 I
(Page 2 of 2 Pages) I I Sanitary Sewer and Total Other Enterprise Funds Totals I Wastewater Treatment Combined Utility Sanitation Services Communication Services 1998 1997 l $ 61,927 $ 2,096,674 $ 90,416 $ 1,792 $ 2,188,882 $ 2,149,344 169,094 1,143,948 84,095 1,228,043 1,083,594 1 8,900 92,397 0 266,880 92,397 266,880 126,370 333,600 360,000 360,000 49,167 409,167 422.118 I 599,921 3,693,019 0 54,033 277,711 268,672 54,033 4,239,402 54,924 4,169,950 35,876 1,950,036 615 1,950,651 1,897,448 81,881 640,031 640,031 677,636 1 148,402 1,159,999 1,159,999 1,090,000 266,159 3,750,066 615 0 3,750,681 3,665,084 795,000 795,000 795,000 1,155,000 0 0 58,555 2,140,959 16,734,999 16,734,999 17,894,999 266,086 2,079,889 2,079,889 1,809,607 1 (13,631) (106,207) (106,207) (123,976) 0 864,528 864,528 933,708 2,661,610 2,661,610 2,348,830 1 3,188,414 22,165,291 29,608,376 864,528 268,672 0 23,029,819 31,019,902 24,076,723 4,054,494 1,142,854 31,911,757 I 8,011,471 8,113,254 8,113,254 8,113,254 5,647,441 13,267,804 13,267,804 12,461,975 1 14,450 13,673,362 14,450 21.395,508 440,967 440,967 141,690 141,690 597,107 21,978,165 597,107 21,172,336 1 515,403 4,029,735 4,029,735 3,846,520 580,886 4,383,401 4,383,401 3,698,805 6,755,581 59,285,548 295,070 91.990 59,672,608 55,903,073 I 7.851,870 21.525,232 67,698,684 89,094,192 295,070 736,037 91,990 233,680 68,085,744 90,063,909 63,448,398 84,620,734 5 25,579,726 5 118,702,568 5 1,878,891 5 502,352 5 121,083,811 5 116.532,491 l 82 )
COMBINING STATEMENT OF REVENUES, EXPENSES AND CIIANGES IN RETAINED EARNINGS ENTERPRISE FUNDS FOR TIIE YEAR ENDED SEPTEMBER 30,1998, WITII COMPARATIVE TOTALS FOR SEPTEMBER 30,1997 CITY OF LEESBURG, FLORIDA I Elecide Gas Water Utility Utility Utility Operating Revenues User Charges $ 32,888,287 $ 6,978,055 $ 3,509,024 Other Operating Revenue 455,733 71,876 49,912 Total Operating Revenues 33,344,020 7,049,931 3,558,936 Operating Expenses Power Generation and Transmission 2,108,391 Purchased Energy 18,542,899 4,421,385 Supply and Pumping Treatment 606,885 Distribution and Collection 2,610,942 348,137 227,892 g Customer Accounts 768,438 494,877 635,567 g. General and Administrative 1,583,952 301,296 144,213 Operating Expenses Depreciation and Amortization 2,551,307 240,628 647,691 Change in Postclosure Estimate (Total Operating Expenses) (28,165,929) (5,806,323) (2,262,248) . Operating Income _ 5,178,091 1,243,608 1,296,688 Nonoperating Revenues (Expenses) Interest income 1,545,418 292,115 452,924 Other Nonoperating income 169,252 8,288 25,912 Interest Expenses (1,071,746) (135,217) (290,919) Other Nonoperating Expense (728,295) (384) (918) Total Nonoperating Revenues (Expenses) (85,371) 164,802 186,999 Income Before Operating Transfers 5,092,720 1,408,410 1,483,687 Operating Transfers (Out) (3,339,600) (717,204) (397,296) Net Income 1,753,120 691,206 1,086,391 Retained Earnings (Deficit), Beginning of Year 41,285,040 7,558,524 7,325,748 Prior Period Adjustment 103,400 13,323 30,062 . Retained Earnings, End of Year $ 43,141,560 $ 8,263,053 $ 8.442,201 83 l
I I I I Sanitary Sewer and Total Other Enterprise Funds Totals Wastewater Combined Sanitation Communication Treatment Utility Services Services 1998 1997
$ 3,480,944 $ 46,856,310 $ 2,325,234 $ 61,040 $ 49,242,584 $ 46,812,975 89,764 667,285 22,669 689,954 710,727 3,570,708 47,523,595 2,347,903 61,040 49,932,538 47,523.702 I 2,108,391 2,108,391 1,589,723-I 187,914 860,256 22,964,284 187,914 1,467,141 22,964,284 187,914 1,467,141 23,102,398 396,229 1,335,520 3,578,429 2,870,418 I 391,458 3,578,429
- 549,654 2,448,536 2,448,536 1,774.397 166,222 2,195,683 23,759 2,219,442 2,354,786 0 1,908,207 1,908,207 1,927,968 947,068 4,386,694. 87,002 29,889 4,503,585 3,399,676 0 (70,071) (70,071) 125,196 (3,102,572) (39,337,072) (1,925,138) (53,648) (41,315,858) (38,876,311) 468,136 8,186,523 422,765 7,392 8,616,680 8,647,391 469,292 2,759,749 63,294 9,550 2,832,593 2,507,571 127,759 331,211 24,290 4 355,505 223,796 (264,243) (1,762,125) (5,628) (1,767,753) (1,832,106)
I I (651) 332,157 (730,248) 598,587 81,956 9,554 (730,248) 690,097 (131,123) 768,138 800,293 8,785,110 504,721 16,946 9.306,777 9,415,529 (385,296) (4,839,396) 0 0 (4,839,396) (5,000,500) l, 414,997 3,945,714 504,721 16,946 4,467,381 4,415,029 l 7,414,024 - 63,583,336 (209,945) 75,007 63,448,398 59,033,369 22,849 169,634 294 37 169,965 0 f $ 68,085,744 $ 63,448,398
$ 7,851,870 $ 67,698,684 $ 295,070 $ 91,990 N u I
l
f COMBINING STATEMENT OF CASII FLOWS ENTERPRISE FUNDS ) FOR TIIE YEAR ENDED SEPTEMBER 30,1998, WITII g! COMPARATIVE TOTALS FOR SEPTEMBER 30,1997 g CITY OF LEESBURG, FLORIDA Electric Gas Water Utility Utility Utility Net Cash Hows Provided By (Used In) Operating Activities $ 7,490,678 $ 1,666,995 $ 2,003,885 Cash Flows From Noncapital Financing Activities Operating Transfers (Out) to Other Funds (3,339,600) (717,204) (397,296) Cash Hows From Capital and Related Financing Activities Interest Paid on Capital Leases and Note Payable Interest Paid on Revenue Bonds and Customer Deposits (904,097) (114,670) (242,030) Acquisition and Construction of Capital Assets (1,115,933) (412,065) (189,299) Principal Paid on Capital Lease Principal Paid on Bond Maturities (671,776) (82,242) (196,536) g Principal Paid on Note Payable 3 Capital Contributed 140,033 201,503 , t Net Cash (Used In) Capital and Related Financing Activities (2 .'51,773) (608,977) (426,362) Cash Flows From Investing Activities Interest on Investments 1,440,574 291,605 449,954 j Purchase of Crystal River Decommissioning Investments (112,432) ! Net Cash Provided By Investing Activities 1,328,142 291,605 449,954 Net Increase (Decrease) in Cash and Cash Equivalents 2,927,447 632,419 1,630,181 Cash and Cash Equivalents, Beginning of Year 19,909,003 4,499,012 6.304,576 Cash and Cash Equivalents, End of Year $22,836,450 $ 5,131,431 $ 7,934,757 Reconciliation of Cash and Cash Equivalents ; (Above) to Combined Balance Sheet Current Assets Equity in Pooled Cash and Cash Equivalents $17,580,130 $ 4,339,691 $ 6,267,922 l Restricted Assets 5,256,311 791,740 1,666,835 Equity in Pooled Cash and Cash Equivalents Total Cash and Cash Equivalents, End of Year $22,836,450 $ 5,131,431 $ 7,934,757 lll I 85 I
(Page 1 of 2 Pages) Sanitary Sewer and Total Other Enterprise Funds Totals Wastewater Combined Sanitation Communication Treatment Utility Services Services 1998 1997
$ 1,567,004 $ 12,728,562 $ 491,547 $ (38,689) $ 13,181,420 $ 12,640,049 (385,296) (4,839,396) 0 0 (4,839,396) (5,000,500)
(62,694) (62,694) (5,628) (68,322) (78,047) (160,031) (1,420,828) (1,420,828) (1,497,122) (1,411,257) (3,128,554) (1,065) (137,938) (3,267,557) (5,573,453) (96,506) (96,506) (110,226) (139,446) (1,090,000) (1,090,000) (1,020,000) (335,000) (335,000) (335,000) (315,000) 464,292 805,828 805,828 682,158 (1,644,136) (5,231,248) (103.199) (137,938) (5,472,385) (7,911,690) 468,708 2,650,841 63,588 9,587 2,724,016 2,513,015 (112,432) (112.432) (160,412) 468,708 2,538,409 63,588 9,587 2.611,584 2,352,603 6,280 5,196,327 451,936 (167,040) 5,481,223 2,080,462
' 640,839
, 38,353,430 890,130 167,129 39,410,689 37,330,227
$ 7;W7,119 $ 43,549,757 $ 1,342,066 $ 89 $ 44,891,912 $ 39,410,689 l
$ 6,354,872 $ 34,452,624 5 1,341,451 $ 89 $ 35,884,164 $ 31,489,423 1,292,247 9,007.133 615 0 9,007,748 7,921,266 1 $ 7,647,119 $ 43,549,757 $ 1,342,066 $ 89 $ 44,891,912 $ 39,410,689 (Continued)
! 86 )
I COMBINING STATEh1ENT OF CASII FLOWS ENTERPRISE FUNDS FOR TIIE YEAR ENDED SEPTEMBER 30,1998, WITII g COMPARATIVE TOTALS FOR SEPTEMBER 30,1997 5 CITY OF LEESBURG, FLORIDA I Electric Gas Water Utility Utility Utility j Reconciliation of Operating Income to Net Cash Provided By l' (Used In) Operating Activities Operating income $ 5,178,091 $ 1,243,608 $ 1,296,688 Adjustments to Reconcile Operating income to Net Cash E Provided By (Used In) Operating Activities: 3 Depreciation and Amortization 2,551,307 240,628 647,691 Bad Debt Expense 88,971 24,701 15,863 g Nonoperating Income 169,252 8,288 25,912 g Nonoperating Expense (728,295) (384) (918) Change in Postclosure Estimate (43,071) 103,361 3,900 l (Increase) Decrease in Customer Accounts (19,503) W (Increase) in Due From Other Governments Decrease (Increase) in Duc To/From Other Funds 66,720 Decrease (Increase) in Inventory 176,783 Increase (Decrease) in Accounts Payable 9,010 34,731 (13,278) Increase (Decrease) in Accrued Expenses 3,395 19,742 40,235 (Decrease) in Customer Advances For Construction (33,973) Increase (Decrease) in Customer Deposits 52,488 (7,680) 7,295 Net Cash Provided By (Used In) Operating Activities $ 7,490,678 $ 1,666,995 $ 2,003,885 ' Significant Transactions Not Affecting Cash g, Water and Sewer Lines Contributed By Developers $ 0$ 0$ 0 m I I I, I s' I I, l
(Page 2 of 2 Pages) Sa=8^ary Sewer and Total Other Enterprise Funds Totals Wastewater Combined Sanitation Conununication Treatment Utility Services Services 1998 1997
$ 468,136 $ 8,186,523 $ 422,765 $ 7,392 $ 8,616,680 $ 8,647,391 I 947,068 19,746 4,386,694 149,281 87,002 29,889 4,503,585 3,399,676 16,746 166,027 75,420 127,759 331,211 24,290 4 355,505 223,796 (651) (730,248) (730,248) (131,123) 0 (70,071) (70,071) 125,196 I (73,369) (9,179)
(19,503) 66,720 (11,031) (66,720) (554) (20,764) (19,503) 0 195,601 0 0 209 176,992 176,992 (236,984) I 25,440 51,666 55,903 115,038 (33,973) (7,665) 29,411 (8,700) 39,538 144,449 (33,973) 206,890 (156,506) (46,618) I $ 1,000 1,567,004 $ 53,103 12,728,562 $ 100 491.547 $ 53,203 (38,689) $ 13,181.420 $ 12,640,049 337,310
$ 0 $ 0 $ 0 $ 0 $ 0$ 299,961 I
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I I I INTERNAL SERVICE FUNDS I I Motor Pool Service Fund - To account for the costs of operating a maintenance facility for automotive equipment used by other City departments. I General Employees' IIealth Insurance Fund - To account for the costs of providing health insurance to all covered City employees. Workers' Compensation Insurance Fund - To account for the costs of providing workers' compensation I insurance to all covered City employees. I I I I I I
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lI COMBINING BALANCE SIIEET INTERNAL SERVICE FUNDS .g SEITEMBER 30,1998, WITII g COMPARATIVE TOTALS FOR SEPTEMBER 30,1997 CITY OF LEESBURG, FLORIDA General Motor Employees' Workers' Totals IIealth .I Pool Service Insurance Compensation Insurance 1998 1997 Assets Current Assets Equity in Pooled Cash and Cash Equivalents $ 33,647 $ 1,574,296 $ 1,782,085 $ 3,390,028 $ 3,536,740 Miscellaneous Receivable 56,024 1,911 57,935 39,626 Prepaid items 0 7,500 Inventory 33,092 33,092 44,299 Total Current Assets 66,739 1,630,320 1,783,996 3,481,055 3,628,165 Property, Plant and Equipment I Buildings 28,399 28,399 27,755 Machinery and Equipment 140,560 140,560 121,479 (Accumulated Depreciation) (132,358) (132,358) (119,699) Total Property, Plant and Equipment - Cost Less Depreciation 36,601 0 0 36,601 29,535 Total Assets 103,340 1,630,320 1,783,996 3.517,656 3,657,700 Liabilities and Fund Equity , Liabilities Accounts Payable 6,205 29,995 36,200 25,323 Accrued Expenses 25,444 97,638 123,082 59,329 I Claims Payable Total Liabilities 31,649 225,951 323,589 262,243 292,238 488,194 647.476 446,298 530,950 { Fund Equity Contributed Capital - General Fund 15,979 0 0 15,979 15,979 Retained Earnings: Reserved For Insurance 1,306,731 1,491,758 2,798,489 3,059,887 Unreserved 55,712 55,712 50,884 ! Total Retained Earnings 55,712 1,306,731 1,491,758 2,854,201 3.110,771 Total Fund Equity 71,691 1,306,731 1,491,758 2,870,180 3,126,750 j Total Liabilities and Fund l Equity $ 103,340 $ 1,630,320 $ 1,783,996 $ 3,517,656 $ 3,657,700 h 8e 1 e i
COMBINING STATEMENT OF REVENUES, EXPENSES AND CIIANGES IN RETAINED EARNINGS INTERNAL SERVICE FUNDS g FOR THE YEAR ENDED SEPTEMBER 30,1998, WITII E COMPARATIVE TOTALS FOR SEPTEMBER 30,1997 CITY OF LEESBURG, FLORIDA General Motor Employees' Workers' Totals Pool Health Compensation Service Insurance Insurance 1998 1997 Operating Revenues l Charges For Services 5 264,107 $ 1,797,972 $ 529,917 $ 2,591,996 $ 2,622,093 5 Operating Expenses Personal Services 126,117 126,117 163,882 Other Services and Charges 10,262 10,262 9,477 Materials and Supplies 116,191 116,191 107,719 Depreciation 9,194 9,194 8,595 Claims Expense 1,610,746 219,826 1,830,572 1,215,618 Administrative Expenses 68,991 63,224 132,215 157,861 Insurance Premiums 260,451 58,864 319,315 306,634 . (Total Operating Expenses) (261,764) (1,940,188) (341,914) (2,543,866) (1,969,786) Operating Income (Loss) 2,343 (142,216) 188,003 48,130 652,307 Nonoperating Income Investment Income 2,469 89,307 105,782 197,558 186,261 Income (Loss) Before Operating Transfen 4,812 (52,909) 293,785 245,688 838,568 Operating Transfers (Out) 0 0 (503,620) (503,620) (504,610) Net Income (Loss) 4,812 (52,909) (209,835) (257,932) 333,958 Retained Earnings, Beginning of Year 50,884 1,359,059 1,700,828 3,110,771 2,776,813 Prior Period Adjustment 16 581 765 1,362 0 Retained Earnings, End of Year $ 55,712 $ 1,306,731 $ 1,491,758 $ 2,8'54,201 $ 3,110,771 ; i l l l I 90 4 l I t- _.
COMBINING STATEMENT OF CASII FLOWS INTERNAL SERVICE FUNDS .g FOR THE YEAR ENDED SEPTEMBER 30,1998, WITII E COMPARATIVE TOTALS FOR SEPTEMBER 30,1997 CITY OF LEESBURG, FLORIDA Gene al 1 Motor Employees' Workers' Totals I Net Cash Provided By (Used In) Pool Service IIealth Insurance Compensation Insurance 1998 1997 Operating Activities 5 25.555 $ (42,203) $ 242,265 $ 225,617 $ 670,507 Cash Flows From Capital and l Related Financing Activities , l Acquisition and Construction of Capital Assets (16,260) 0 0 (16,260) 0 Cash Flows From Noncapital and .l Related Financing Activities W Operating Transfers (to) Other Funds 0 0 (503,617) (503.617) (504,610) Cash Flows From Investing
=
Activities Interest on Investments 2,485 89,888 106,544 198,917 186,261 Net increase (Decrease) in Cash and Cash Equivalents 11,780 47,685 (154,808) (95,343) 352,158 Cash and Cash Equivalents,
- Beginning of Year 21,867 1,577,980 1,936,895 3,536,740 3.184,582
.l !W Cash and Cash Equivalents, End of Year $ 33,697 $ 1,625,665 $ 1,782,085 $ 3,441,397 $ 3,$36,740 Reconcillation of Operating Income (Loss) to Net Cash Provided By (Used In) Operating Activities Operating Income (Less) $ 2,343 $ (142,216) $ 188,003 $ 48,130 $ 652,307 Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided By ll.
- E (Used In) Operating Activities:
Depreciation 9,194 9,194 8,595 Decrease (Increase)in Miscellaneous Receivables 34,971 (1,911) 33,060 (34,308) lE 11,207 11,207 3,282 lg j Decrease in Inventory Decrease (Increase) in Prepaids 7,500 7,500 (7,500) l3 Increase (Decrease)in g Claims Payable Increase in Accounts Payable 41,896 41,896 (11,875) and Accrued Expenses 2,811 65,042 6.777 74,630 60,006 I Net Cash Provided By (Used In) Operating Activities $ 25,555 $ (42,203) $ 242,265 $ 225,617 $ 670,507 91 l
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I-l I I I I I I g FIDUCIARY FUND TYPES I Pension Trust Funds - To account for the accumulation of resources to be used for retirement payments to employees. Resources are contributed by the City, participating employees and the State of Florida. I I I E [ E 6 w
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i COhfBINING BALANCE SIIEET FIDUCIARY FUND TYPES SEPTEhfBER 30,1998, WITII COh1PARATIVE TOTALS FOR SEPTEhiBER 30,1997 CITY OF LEESBURG, FLORIDA Pension Trust Funds Municipal Municipal General Folice Firemen's Employees' Retirement Retirement Retirement Totals Plan Plan Plan 1998 1997 Assets Cash and Investments With Trustees 5 7,595,750 $ 8,043,929 5 21,183,621 $ 36,823,300 $ 35,367,170 Accrued Interest Receivable 72,267 33,602 22,665 128,534 201,080 Total Assets 7,668,017 8,077,5fI 21,206,286 36,951,834 35.568,250 Liabilities and Fund Equity Liabilities Accrued Expenses 128,482 0 0 128,482 0 Fund Equity Fund Balances Resen'ed For Employee Benefits 7,539,535 8,077,531 21,206,286 36,823,352 35,568,250 Total Liabilities and Fund Equity $ 7,668,017 $ 8,077,531 $ 21,206,286 $ 36,951,834 $ 35,568,250 I I L [ ~ 92
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I I I l ACCOUNT GROUPS I Account groups are used to establish accounting control and accountability for the City's general fixed I . assets and the unmatured principal of its general long-term debt. These account groups are not funds; they do not reflect available financial resources and related liabilities. I I I I [ [ u
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SCHEDULES OF GENERAL FIXED ASSETS BY SOURCE SEPTEMBER 30,1998 AND 1997 CITY OF LEESBURG, FLORIDA 1998 1997 General Fixed Assets Land $ 2,730,719 $ 2,669,931 Buildings 11,159,929 10,310,911 Improvement Other Than Buildings 6,292,286 6,033,021 l Equipment and Vehicles 7,107,715 5,731,139 Construction Work in Progress 1,273,235 1,138,210 Total General Fixed Assets 28,563,884 25,883,212 I Investments in General Fixed Assets General Obligation Bonds and Revenue Certificates 4,919,850 4,919,850 I Capital Projects Funds: Economic Development Administration Grants 430,079 430,079 Hospital Construction Fund I Federal, State and Local Grants 1,893,857 4,253,855 1,893,857 3,591,682 General Fund Revenues 14,998,866 13,268,618 Special Revenue Fund Revenues i Utility Revenue Fund Revenues Gifts and Other 1,166,773 100,856 799.748 946,861 100,055 732,210 Total Investment in General Fixed Assets 5 28,563,884 5 25,883,212 I I I I I I I \ 93 d
SCHEDULE OF GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY SEPTEMBER 30,1998 CITY OF LEESBURG, FLORIDA Improvements Equipment Other Than and Function and Activity Land Buildings Buildings Vehicles Total General and Govanment 12gislative $ 113,095 $ 1,929,279 $ 63,158 $ 150,091 $ 2,255,623 Executive 55,209 45,013 100,222 Financial and Administrative 421,920 176,247 866,352 1,464,519 Other General Government 15,000 149,203 19,874 25,794 209,871 Total General and Government 128,095 2,555,611 259,279 1,087,250 4,030,235 Public Safety Law Enforcement 110,825 597,445 143,137 1,337,691 2,189,098 Fire Control 64,325 489,549 71,679 1,207,875 1,833,428 69,981 69,981 Protective Inspection 214,816 2,615,547 4,092,507 E g Total Public Safety 175,150 1,086,994 Physical Environment 332,701 76,328 746,873 704,885 1,860,787 Transportation Roads and Streets 57,238 74,764 132,886 525,441 790,329 Airport 537,770 225,235 2,818,724 78,052 3,659,781 Parking Facilities 297,341 297,341 Total Transportation 892,349 299,999 2,951,610 603,493 4,747,451 Economic Environment liousing and Urban Development 25,558 25,558 Other Economic Environment 295,593 87,475 31,338 414,406 Total Economic Environment 295,593 87,475 31,338 25,558 439,964 Human Services 31,430 1,862,427 0 0 1,893,857 Culture and Recreation Libraries 59,500 909,943 220,245 1,190,730 2,380,418 Parks and Recreation 705,334 1,020,019 782,212 614,575 3,122,140 Cultural Services 271,867 25,826 297,693 Special Recreational Facilities 444,580 2,400 715 447,695 Mote-Morris House 110,567 592,175 110,974 10,500 824,216 Other Culture and Recreation 1,952,511 946,713 254,462 3,153,686 l Total Culture and Recreation 875,401 5,191,095 2,088,370 2,070,982 10,225,848 Total By Function and Activity $ 2,730,719 $ 11,159,929 $ 6,292,286 $7,107,715 $ 27,290,649 Construction Work in Progress 1,273,235 Total General Fixed Assets $ 28,563,884 94 . I
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SCIIEDULE OF CIIANGES IN GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY FOR TIIE YEAR ENDED SEPTEMBER 30,1998 CITY OF LEESBURG, FLORIDA
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Balance Balance October 1 September 30, Function and Activity 1997 Additions (Deductions) 1998 General Government Legislative $ 2,257,637 $ (2,014) $ 2,255,623 Executive 47,150 $ 57,630 (4,558) 100,222 Financial and Administrative 767,615 696,904 1,464,519 i Other General Government 209,871 209,871 Total General Government 3,282,273 754,534 (6,572) 4,030,235 Public Safety I Law Enforcement 1,774,742 439,275 (24,919) 2,189,098 Fire Control 1,372,948 498,288 (37,808) 1,833,428 Protective Inspection 77,258 1,760 (9,037) 69,981 Total Pubile Safety 3,224.948 939,323 (71,764) 4,092,507 Physical Environment 1,713,523 149,039 (1,775) 1,860,787 I Transportation Roads and Streets 678,268 198,698 (86,637) 790,329 ll Airport 3,463,388 196,393 3,659,781
- E Parking Facilities 297,341 297,341 Total Transportation 4,438,997 395,091 "M 537) 4,747,451 Economic Environment Housing and Urban Development 25,558 25,558 Other Economic Environment 266,144 148,262 414,406 Total Economic Environment 291,702 148,262 0 439,964 Human Services 1,893,857 0 0 1,893,857 Culture and Recreation Libraries 2,250,303 136,894 (6.779) 2,380,418 Parks and Recreation 2,908,846 215,238 (1,944) 3,122,140 l Cultural Services 297,693 297,693 Special Recreational Facilities 447,695 447,695 Mote-Morris llouse 843,358 U 9,142) 824,216 Other Culture and Recreation 3.151,807 1,879 3.153,686 Total Culture and Recreation 9,899,702 354,011 (27,865) 10,225,848 Total By Function and Activity 24,745,002 2,740,260 (194,613) 27,290,649 Construction Work in Progress 1,138,210 _ 1,115,850 (980,825) 1,273,235 Total General Fixed Assets $ 25,883,212 $ 3,856,110 $ (1,175,438) $ 28,563,884 95 l
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SCIIEDULES OF GENERAL LONG-TERM DEBT SEPTEMBER 30,1998 AND 1997 CITY OF LEESBURG, FLORIDA 1998 1997 Amount Available and to Be Provided For the Payment of General Long-Term Debt Serial and Term Bonds - Public Improvement Revenue Bonds and Certificates: Amount Available in Debt Service Fund $ 755,880 $ 740,880 Amount to Be Provided 3,659,120 3,884,120 Total Serial and Term Bonds 4,415,000 4,625,000 Other Long-Term Liabilities: Amount to Be Provided 1,343,400 1,284,413 Suit Settlement Payable 270,000 0 Total Other Long-Term Liabilities 1,613,400 1,284,413 Total Amount Available and to Be Provided For the Payment of General Long-Term Debt 6,028,400 5,909,413 General Long-Tenn Debt Payable Refunding and Capital Improvement Revenue Bonds, Series 1987 4,415,000 4,625,000 Employee Compensation Absences Payable 1,343,400 1,284,413 Lawsuit 270,000 0 Total General Long-Tenn Debt Payable $6,028,400 $5,909,413 I 96 I
, STATISTICAL SECTION Statistical schedules differ - from financial
. statements because they usually cover more than one fiscal year and may present non-accounting data. These schedules reflect social and economic data and financial trends of the City of Leesburg; Florida, and are designed to give the reader insights into the financial position of the .
City of. Leesburg not readily apparent from the financial statements. The schedule entitled " Computation of Legal Debt . Margin," which is recommended for inclusion in the Comprehensive Annual Financial report by the Government Finance Officers Association of
' the United States and Canada, is not included within this report in'a smuch as no legal debt margin has been established for the City of y Leesburg pursuant to the Constitution of the State j of Florida, Florida Statutes, City ordinances or other laws applicable to the City of Leesburg.
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STATISTICAL SECTION (Unaudited) Statistical data are presented to provide greater detailed infonnation than reported in the preceding general-purpose financial statements. This information in many cases has been spread throughout the report and is brought together here for greater clarity. Statistical data are not necessary for fair presentation in conformity with generally accepted accounting principles. The City has had no general obligation debt outstanding during the past ten years. l
I GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION (1) LAST TEN FISCAL YEARS CITY OF LEESBURG, FLORIDA I General Public Physical Fiscal Year Government Safety Environment Transportation 1989 $ 2,258,571 $ 2,975,698 $ 528,452 $ 917,851 Percent of Total 20.31 % 26.76 % 4.75 % 8.26 % 1990 $ 2,490,059 $ 3,479,361 $ 587,272 $ 886,842 Percent of Total 21.89 % 30.59 % 5.16 % 7.80 % 1991 $ 2,663,818 $ 3,838,733 $ 689,537 $ 1,012,872 Percent of Total 22.41 % 32.30 % 5.80 % 8.52 % 1992 $ 2,812,589 $ 4,234,393 $ 866,904 $ 892,848 Percent of Total 22.57 % 33.99 % 6.96 % 7.17 % 1993 $ 2,960,278 $ 4,314,965 $ 857,912 $ 1,023,302 Percent of Total 23.60 % 34.41 % 6.84 % 8.16 % 1994 $ 3,131,964 $ 4,587,398 $ 869,583 $ 804,917 Percent of Total 23.17 % 33.94 % 6.43 % 5.95 % 1995 $ 3,439,974 $ 4,883,377 $ 1,064,938 $ 801,839 Percent of Total 21.23 % 30.14 % 6.57 % 4.95 % 1996 $ 3,581,053 $ 5,200,748 $ 1,037,479 $ 968,573 Percent of Total 22.69 % 32.95 % 6.57 % 6.14 % 1997 $ 3,677,040 $ 5,772,211 $ 946,842 $ 628,878 Percent of Total 21.73 % 34.11 % 5.59 % 3.72 % 1998 $ 4,446,495 $ 6,096,292 $ 883,875 $ 595,606 Percent of Total 23.52 % 32.25 % 4.68 % 3.15 % i I (1) Includes general, special revenue, debt service funds and capital projects funds. I 4 lii I 97 I
TABLE 1 1 , Economic Human Culture / Capital Debt Environment Services Recreation Outlay Service Total 487,437 24,896 $ 1,537,640 $ 1,832,131 557,374 $ 11,120,050 l $ 4.38 % 0.22 % 13.83 % 16.48 % 5.01 % 100.00 %
$ 441,537 $ 24,601 1,688,421 $ 1,252,635 523,758 $ 11,374,486 i 3.88 % 0.22 %
14.84 % 11.01 % 4.61 % 100.00 %
$ 531,526 $ 36,308 $ 1,821,181 $ 768,136 $ 523,180 11,885,291 1 4.47 % 0.31 % 15.33 % 6.46 % 4.40 % 100.00 %
$ 620,407 $ 27,411 $ 1,877,052 $ 605,583 $ 520,680 $ 12,457,867 4.98 % 0.22 % 15.07 % 4.86 % 4.18 % 100.00 %
$ 666,844 $ 27,944 $ 1,947,503 $ 216,057 $ 527,060 $ 12,541,865 5.32 % 0.22 % 15.53 % 1.72 % 4.20 % 100.00 %
$ 770,362 $ 30,466 $ 2,085,129 $ 714,251 $ 523,380 $ 13,517,450 I 5.70 % 0.23 % 15.43 % 5.28 % 3.87 % 100.00 %
$ 1,175,585 $ 30,803 $ 2,225,365 $ 2,059,078 $ 522,000 $ 16,202,959 I 7.26 % 0.19 % 13.73 % 12.71 % 3.22 % 100.00 %
.$ 1,134,200 $ 31,379 $ 2,459,103 $ 848,387 $ 520,980 $ 15,781,902 7.19 % 0.20 % 15.58 % 5.38 % 3.30 % 100.00 %
$ 768,703 $ 49,723 $ 2,758,648 $ 1,800,650 $ 522,082 $ 16,924,777 4.54 % 0 29 % 16.30 % 10.64 % 3.08 % 100.00 %
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$ '1,335,247 $ 47,999 $ 2,807,600 $ 2,172,578 $ 515,960 $ 18,901,652 7.06 % 0.26 % 14.85 % 11.49 % 2.74 % 100.00 %
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I GENERAL REVENUES BY SOURCE (1) LAST TEN FISCAL YEARS CITY OF LEESBURG, FLORIDA I Licenses Fiscal Year Taxes (2) and Permits Intergovernmental 1989 $ 2,131,934 $ 180,947 $ 2,612,346 ; Percent of Total 27.60 % 2.34 % 33.82 % 1990 $ 2,635,092 $ 174,801 $ 2,345,671 Percent of Total 31.85 % 2.11 % 28.35 % 1991 $ 2,502,616 $ 149,490 $ 2,047,269 Percent of Total 30.84 % 1.84 % 25.23 % 1992 $ 2,930,415 $ 168,068 $ 2,234,074 Percent of Total 32.44 % 1.86 % 24.73 % 1993 $ 2,924,033 $ 197,013 $ 2,142,918 Percent of Total 2.21 % 24.05 % I 32.81 % 1994 $ 3,112,968 $ 218,210 $ 2,328,189 Percent of Total 34.07 % 2.39 % 25.48 % 1995 $ 3,286,834 $ 250,570 $ 2,751,793 I Percent of Total 31.53 % 2.40 % 26.40 % 1996 $ 3,380,526 $ 264,121 $ 2,861,874 Percent of Total 30.70 % 2.40 % 25.99 % 1997 $ 4,019,315 $ 278,600 $ 2,217,082 Percent of Total 35.87 % 2.49 % 19.79 % 1998 $ 4,138,872 $ 273,436 $ 3,192,427 Percent of Total 33.33 % 2.20 % 25.71 % I (1) Includes general, special revenue, debt service and capital projects funds. (2) Includes ad valorem, franchise, local option sales and gas taxes. (3) Includes interest income and reimbursements received from the enterprise funds for services provided by general fund departments. I 99 I
TABLE 2 Charges Fines and Miscellaneous For Services Forfeitures Revenues (3) Total .
$ 157,408. $ 166,150 $ 2,475,355 $ 7,724,140 2.04 % 2.15 % 32.05 % 100.00 %
-$ 151,620 $ 214,258 $ 2,752,876 $ 8,274,318 1.83 % 2.59 % 33.27 % 100.00 %
$ 310,775 $ 207,206- $ 2,897,879 $ 8,115,235 3.83 % 2.55 % 35.71 % 100.00 %
$ 466,091 $ 187,414 $ 3,046,779 $ 9,032,841 5.16 % 2.08 % 33.73 % 100.00 %
.$' 486,197 $ 146,107 $ 3,015,583 $ 8,911,851 5.45 % 1.64 % 33.84 % 100.00 %
$ .453,311 $ 172,733 $ 2,851,526 $ 9,136,937 4.96 % 1.89 % 31.21 % 100.00 %
$ 571,151 $ 211,141 $ 3,353,670 $ 10,425,159 5.48 % 2.02 % 32.17 % 100.00 %
$ 912,675 $ 242,709 $ 3,349,482 $ 11,011,387
. 8.29% 2.20 % 30.42 % 100.00 %
$ 949,880 $ 283,447 $ 3,455,912 $ 11,204,235 8.48%~ 2.52 % 30.84 % 100.00 %
'$- 987,987 $ 298,233 $ 3,525,549 $ 12,416,504 7.96 % 2.40 % 28.40 % 100.00 %
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I PROPERTY TAX LEVIES AND COLLECTIONS LAST TEN FISCAL YEARS CITY OF LEESBURG, FLORIDA (in Thousands) Fiscal Total Tax Current Tax Percent of Delinquent t Year Levy Collections Levy Collected Tax Collections 1989 $ 1,514 $ 1,461 96.5 % $ 3 1990 1,883 1,802 95.7 % - j 1991 1,890 1,776 93.9 % 14 1992 2,175 2,029 93.3 % 87 1993 2,177 2,077 95.4 % 56 1994 2,292 2,150 93.8 % 65 2,368 2,274 96.0 % 27 I 1995 1996 2,423 2,3% 95.2 % 16 1997 2,487. 2,336 93.9 % 30 1998 2,544 2,328 91.6 % 69 I i (1) Property tax assessments and collections are performed for the City by Lake County. This information was not available from Lake County. Section 197.012, Florida Statutes, allows a discount for early payment of 4% in Novernber, 3% in 4 December, 2% in January and 1 % in February. I I1 l I 101 g I
TABLE 3 Total Tax Percent of Total Tax Outstanding Delinquent Collections Collections to Tax Levy Taxes (1)
$ 1,464 96.7 % -
1,802 95.7 % - 1,790 94.7 % - 2,116 97.3 % - 2,133 98.0 % - 2,215 96.6 % . 2,301 97.1 % - 2,322 95.8 % . 2,366 95.1 % - 2,397 94.2 % . I I - 102 A
ASSESSED VALUE OF EXEMPT AND TABLE 4 TAXABLE PROPERTY LAST TEN FISCAL YEARS g CITY OF LEESBURG, FLORIDA g (In Thousands) Fiscal Exempt Assessed Centrally Taxable Assessed I Year Valuation Real Personal Assessed Total Valuation 124,250 $ 282,164 5 98,959 5 408 $ 381,531 $ 505,781 1989 $ 137,851 301,844 115,838 652 418,334 556,185 1990 140,970 307,735 111,582 675 419,992 560,962 1991 146,940 355,401 127,311 674 483,386 630,326 1992 171,067 352,537 130,832 298 483,667 654,734 1993 174,959 358,898 150.270 199 509,367 684,326 1994 181,575 370,400 155,590 251 526,241 707,816 1995 202,478 383,701 154,390 284 538,375 740,853 1996 249,187 399,491 152,677 452 552,620 801,807 1997 282,714 485,341 152,586 418 565,286 848,000 1998 Notes: (1) Chapter 193, Florida Statutes, requires that all property shall be assessed at just or fair market value g as of January 1 of each year, All taxes are due and payable on November 1 and become delinquent 3 on April 1 of the subsequent year. Discounts are allowed at the rate of 4% in the month of November, 3% in December, 2% in January and 1% in February. (2) Chapter 193, Florida Statutes, provides that all items of inventory (in personal property) shall be assessed at 10% ofjust valuation, except goods-in-process and raw materials, which shall be assessed at 1%. Furthermore, agricultural properties are assessed at agricultural value as opposed to fair market value for nonagricultural property. (3) Sources of Data: Estimates and County Property Appraiser reports. I I 103 I I
l-PROPERTY TAX RATES TABLE 5 ( ALL DIRECT AND OVERLAPPING GOVERNMENTS (PER $1,000 0F ASSESSED VALUE) LAST TEN FISCAL YEARS CITY OF LEESBURG, FLORIDA Northwest Water Water Fiscal School Ambulance Hospital Conservation Management Year City District County District District Authority District Total 1989 3.967 7.742 3.800 0.223 0.964 0.838 0.281 17.815 1990 4.500 8.451 4.938 0.223 0.887 0.621 0.346 19.966 1991 4.500 8.749 4.938 0.223 1.000 0.771 0.358 20.539 1992 4.500 8.880 4.938 0.223 1.000 0.751 0.358 20.650 1993 4.500 9.005 4.864 0.222 1.000 0.740 0.358 20.689 1994 4.500 8.938 5.135 0.222 1.000 0.517 0.470 20.782 1995 4.500 8.515 5.135 0.222 1.000 0.400 0.482 20.254 1996 4.500 9.678 4.927 0.222 1.000 0.384 0.482 21.193 1997 4.500 9.228 4.909 .158 1.000 0.384 0.482 20.661 1998 4.500 9.100 4.733 .158 1.000 0.384 0.482 20.357 104
I COMPUTATION OF OVERLAPPING TABLE 6 GENERAL OBLIGATION DEBT (1) SEITEMBER 30,1998 CITY OF LEESBURG, FLORIDA ) Neither the City of Leesburg, Florida, nor any of its overlapping goverrunents had any general obligation - debt outstanding as of September 30,1998. I I; I. I I I I I I I ios I I
RATIO OF ANNUAL DEBT SERVICE TABLE 7 EXPENDITURES FOR GENERAL AND SPECIAL REVENUE BONDED DEBT TO TOTAL GENERAL EXPENDITURES LASI' TEN FISCAL YEARS CITY OF LEESBURG, FLORIDA Ratio of Debt Service to Fiscal Total Debt Total General Total General Year Principal (1) Interest (1) Service (1) Expenditures (2) Expenditures 1989 $ 159,000 $ 398,374 $ 557,374 $ 11,120,050 5.01 1990 140,000 383,758 523,758 11,374,486 4.60 1991 145,000 378,180 523,180 11,585,291 4.40 1992 150,000 370,680 520,680 12,457,867 4.18 1993 160,000 367,060 $27,060 12,541,865 4.20 1994 170,000 353,380 $23,380 13,517,450 3.87 1995 180,000 342,000 522,000 16,202,959 3.22 1996 190,000 330,980 520,980 15.781,902 3.30 1997 200,000 322,082 522,082 16,924,777 3.08 1998 210,000 305,960 515,960 18,901,652 2.73 (1) Includes Refunding and Capital Improvement Revenue Bonds, Series 1987, which are special obligation bonds, (2) Excludes operating transfers out. L
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I COMBINED UTILITY FUNDS SCIIEDULE OF REVENUE BOND COVERAGE LAST TEN FISCAL YEARS CITY OF LEESBURG, FLORIDA (In Thousands) Operation and Fiscal Gross Maintenance Net Year Revenues Costs (1) Revenue 1989 $ 33,523 $ 21,912 $ 11,611 1990 35,524 22,420 13,106 1991 36,915 24,571 12,344 1992 36,530 24,851 11,679 1993 38,477 26,635 11,842 1994 39,722 27,399 12,323 1995 44,490 29,337 15,153 1996 47,265 30,951 16,314 47,609 33,419 14,190 I 1997 1998 50,615 34,950 15,665 (1) Excludes interest expense and depreciation. I I I Il I 107 I II
TABLE 8 Debt Service Requirements Sinking Principal Interest Fund Total - Coverage
$' .- $. 1,8% $ 474' $ .2,370 4.89 185- 1,664 511 2,360 5.55 195 1,653 553 2,401 5.14 205 1,641 595 2,441 4.79 820 1,628 - 2,448 4.84 885 1,561 - 2,446 ' 5.04 955 1,487 - 2,442 6.21 1,020 1,424 - 2,444 6.68
' 1,090 '. 1,355 - 2,445 5.80 1,160 ~ 1,280 - 2,440 6.42 108 l
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DEMOGRAPIIIC STATISTICS TABLE 9 j LAST TEN FISCAL YEARS ! CITY OF LEESBURG, FLORIDA I Fiscal Per Capita School Unemployment - Year Population (1) Income (2) Enrollment (3) Rate (4) 1989 14,939 $ 15,975 4,763 6.20 % 1990 14,783 16,433 4,795 7.90 % 1991 15,174 16,603 4,932 8.90 % 1992 15,063 17,085 4,930 10.0 % 1993 14,963 17,377 4,975 6.90 % 1994 15,005 19,459 4,997 6.60 % . 1995 15,014 N/A 5,157 5.40 % . 1996 15,352 N/A 5,403 4.50 % 1997 15,409 N/A 5,427 4.10 % 1998 15,658 N/A 5,439 3.20 % N/A = Not Available. Data Source (1) U.S. Census Bureau, Bureau of Business and Economic Research. (2) Data for Lake County was obtained from the U.S. Department of Commerce, Economic Analysis as published in the Florida Statistical Abstract. (3) Annual school census by Board of Education. Figures represent elementary and secondary public schools. Students in community colleges are not included. (4) U.S. Department of Labor - These estimated figures are based on Lake County as a whole. No individual figures are available for the City. (5) Florida Department of Labor and Employment Security. I 109 i _ 1
CONSTRUCTION PERMITS AND VALUES TABLE 10 LAST TEN FISCAL YEARS CITY OF LEESBURG,' FLORIDA (in Thousands *) Commercial Construction (1) Residential Construction (1) Fiscal Number of Number of Year Permits Value* Units Value* 1989 22 $ 13,566 420 $ 15,751 1990 8 3,461 65 2,324 1991 6 2,303 43 2,490 1992 14 4,267 22 1,934 1993 20 9,866 31 2,776 1994 13 7,741 56 3,007 1995 11 2,474 46 2,642 1996 17 7,766 30 2,125 1997 17 1,805 46 3,533 1998 9 2,207 68 4,897 (1) Based on building permits issued by the City's Department of Building and Zoning Codes. Property values are estimated construction costs. Commercial construction includes all nonresidential construction. I I I I - 110
Il PRINCIPAL TAXPAYERS TABLE 11 SEPTEMBER 30,1998 I CITY OF LEESBURG, FLORIDA I Percentage of E Assessed Total Assessed W Taxpayers Type of Business Valuation Valuation Cutrate Citrus Juices, U.S. A., Inc. Citrus Processing $ 52,932,856 9.36 % Sprint Telephone 36,590,117 6.47 % Lake Port Properties Retirement Community 33,407,365 5.91 % Huntington Banks Banking 8,664,261 1.53 % . Wal-Mart Stores Department Store 6,190,028 1.10 % . Walling Enterprises Shopping Center 3,585,130 0.63 % 3,543,938 Leesburg Marketplace, Inc. Shopping Center 0.63 % SunTrust Bank, N.A. Banking 3,210,501 0.57 % Horne Properties Shopping Center 3,112,524 0.55 % Smith Kline Beechum Laboratories Medical Laboratory 3,059,376 0.54 % Mid-Florida Freezer Warehouse 3,028,355 0.54 % Leesburg Associates Shopping Center 2,866,830 0.51 % Leesburg Daily Commercial Newspaper Publisher 2,723,238 0.48 % , Leesourg Vanguard, Ltd. Shopping Center 2,684,453 0.47 % Royal Oak Estates of Lake County Real Estate Development 2,678,363 0.47 % Subtotal 168,277,335 29.77 % All Others 397,008,231 70.23 % Total $ 565,285,566 100.00 % ! 111 I k...<. , . . . . .. . .. .. .
MISCELLANEOUS STATISTICS TABLE 12 SEPTEMBER 30,1998 CITY OF LEESBURG, FLORIDA Miles of Paved Streets 75.3 Number of Street Lights 1,864 Fire Protection Number of Stations 2 Number of Firemen and Officers 37 Police Protection Number of Stations 2 Number of Policemen and Officers 58 Education (Elementary Only): (1) Attendance Centers (Public Schools Only) 4 Number of Classrooms 123 Number of Teachers 159 Number of Students 2,305 Municipal Water Department Number of Consumers - Residential 8,362 Average Daily Consumption 281 Gallons Miles of Water Mains 338.4 Municipal Gas Department Number of Consumers - Residential 7,536 Average Daily Consumption .750 therms Miles of Gas Mains 195 Municipal Electric Department Number of Consumers - Residential 14,750 Average Monthly Consumption 1,059 kwh Miles of Primary Electric Lines Within the City 365 Wastewater and Sanitary Sewers Sanitary Sewers 165 Miles Storm Sewer 18.0 Miles Building Permits issued 292 Recreation and Culture Number of Parks 10 With 226 Acres Number of Libraries 1 Number of Volumes 120,329 Total Employees For the City Overall Full-Time Employees 362 Part Time Employees 16 (1) Elementary includes grades K through 5 112
CORPORATE LIMITS AND ANNEXATIONS TABLE 13 - LAST TEN FISCAL YEARS CITY OF LEESBURG, FLORIDA . Fiscal Annexation Corporate Limits Year Acres Acres Square Miles 1989 4.70 7,246.73 11.41 1990 310.42 7,557.15 11.89 1991 3,823.00 11,380.15 17.78 I. 1992 522.02 11,902.17 18.60 1993 658.21 12,560.38 19.62 1994 13.86 12,574.24 19.65 1995 157.68 12,731.92 19.89 1996 42.74 12,774.66 19.96 1997 1,547.18 14,321.84 22.38 1998 158.96 14,480.80 22.63 Source I City of Leestarg Department of Planning and Zoning Development. Il I I 113
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